Pullman Place

Joint Venture Condo Development in Washington, DC

• Northridge & developer closed $12.8 mil construction financing in October 2015, Northridge investors contributing $4.5 mil equity for the development of a boutique, urban in-fill, luxury condominium building
• 42 residential units in studio, 1- and 2–bedroom floor plans with average unit size of 774 SF
• Ideally situated 2 blocks from Union Station, 3 blocks from H Street Corridor, 4 blocks to Union Market (DC’s equivalent of New York City’s Meatpacking District) and adjacent to the major office employment hub of NoMa (SEC, DOJ, ATF, CNN and NPR)
• Total cash return of $6,565,000 resulted in IRR of 19.6% and a return on equity of 44%. The total cash return is greater than originally projected because sales prices exceeded budget; however, construction delays extended the investment period reducing the IRR somewhat from the original projection.