In June 2018, we invested roughly $6.6 million in the construction of a mixed-use development in the Shaw neighborhood of Washington, DC. Today, we’re excited to announce that construction is wrapping up on the project, which consists of seven two-bedroom condos above ground-floor retail. Two of the condos just hit the market, and we think the results speak for themselves: see the property marketing site.
Each unit features an open floor plan with floor-to-ceiling windows and modern luxury finishes. Located in the trendy Shaw neighborhood, just a mile north of downtown DC and within steps of some of the city’s best restaurants and nightlife, we believe these condos will sell quickly. Prices start at $799,000 and go up to $1.4 million for the penthouse, which boasts a private outdoor space.
Are you looking to buy in Washington, DC?
The project’s developer, Ditto Residential, is offering a special incentive exclusively for Fundrise investors interested in potentially buying one of these beautiful new condos: the potential to earn up to a $10,000 rebate at closing*. If you’re interested in exploring the possibility of purchasing one of these homes, please reach out to investments@fundrise.com for more details.
What’s next for this project
The 3,600 square foot ground-floor retail space is now also being marketed for lease. Once the condos have sold and the retail is leased up, Ditto plans to use the proceeds to pay back our investment.
The successful completion of construction reduces the overall risk of the project, while our investment continues to earn an annualized return of roughly 8.8%.
Investor FAQ: How does this project impact your portfolio?
This investment is structured as debt, where the project’s sponsor must pay us a fixed rate of return before they can earn a return for themselves, and their equity provides us with a cushion against losses. Throughout the term of the investment, the regular income it has generated has supported quarterly dividends for the Income eREIT.
As always, please don’t hesitate to reach out to investments@fundrise.com with any questions or feedback.
