1010 Vermont Avenue, N.W
Update
10/25/22
Altus Purchases Office, Residential Conversion Planned
Pembroke has sold 1010 Vermont Ave. NW to Altus Realty for $16M.
Altus is planning 89 apartments in the roughly 68,000 sq. ft. office building. They have secured a $12.85M acquisition and pre-development loan from ACRES Capital.
The site is home to the historic Denrike Building, an 11-story-plus office building that is planned to be converted into an 89-unit multifamily building with 4,081 SF of ground floor retail. Centrally located within downtown DC and just north of McPherson Square, the property is within walking distance to major attractions such as the White House, major universities, and convenient access to Metro stations. The building's exterior is in a Gothic Revival style, which is rare among the city's commercial buildings.
"Repurposing and repositioning properties for updated market needs is proving to be a core focus to move forward post-pandemic," said ACRES Chief Executive Officer and President Mark Fogel. "With the increase of office vacancies, 1010 Vermont Avenue NW presented a great opportunity for an adaptive reuse project that supports the market's demand transition from office space to residential in the DC area."
