Allegro Sold for $77.5 Million


A week ago a tenant of the Allegro wrote in inquiring about the foreclosure and whether or not it would have an impact on the residents. The Washington Business Journal reports that it sold for $77.5 million to FCP:

“FCP was founded by two former managers of the real estate fund at The Carlyle Group, Esko Korhonen and Lacy Rice. The company has dabbled in office and retail properties but has hung its hat to this point on residential developments in Montgomery County and Prince George’s County. The Allegro is one of the company’s first residential projects in D.C. “We think it’s a great project really and we’re really very excited about it,” said Stephen Walsh, FCP senior vice president of capital markets. Walsh said the company had no immediate plans to reposition the building. “Obviously it’s renting up right now so there is no current plan,” he said.”

7 Comment

  • I visited this building a few weeks ago and thought it was not too bad. The rents were pretty high (for the area) if you plan to stay more than a year (they have two months free discount for the first year). I suppose they are not unreasonable if you have a roommate to share expenses with. I am a single father with a great kid which requires me to have two bedrooms on one income. As a single father you do not get child support from another parent (if you do please tell me what court awarded it to you!) Even though I have a Master of Science degree and a good federal contracting job I make just under what they feel I should in order to rent a two bedroom unit from them. I suppose this works out for the just out of college people who are looking for roommates or married co-habitating couples but disqualifies someone in my situation. I also wonder why the rates are so high when it is right beside a very active fire house that screams it’s sirens every time a drunk passes out on the street and to be only a block from a HUGE section 8 low income housing unit (ha-ha which oddly enough they say I make TOO much money to be able to rent there) : )


    Too Poor / Too Rich

  • Was this in GDON? Where was the redfin posting? :0

    good deal!

  • 2:47 – Did you go to Park Place above Petworth Metro? Do you have credit problems? Did you offer to increase your security deposit? Do you really want to live in Allegro? It doesn’t seem conducive to adult and a kid.

  • Dirty-

    Agreed, dc is not the place to raise a kid.

  • I meant specifically living in Allegro. Although, unless you can get the kid in a charter school, you’re probably better off in this neck of the woods. Good Luck.

  • Dirty-

    On Park Place………..

    I went there next. The building had already been tagged with Graffiti; there was no buzzer at the door to gain anyone’s attention. I had to stand outside in the wind and rain for 10 minutes knocking on the glass before somebody would let me in. While I was standing out there another lady walked up to the door and waited with me. I asked her if she lived here and what she thought about the place, she replied “Oh no my cusin live here I staying with her but dis place nice!” Somebody then rang a buzzer and let us in out of the nor’easter. I had an appointment set to view a unit. When they let me in they told me that even though I had made an appointment it would be at least 45 more minutes because they had a lot of “walk ins”.

    I said to myself, self……….. get to steppin’

    Luckily the tax credit has been extended and I am going to buy something, get out of the craziness of renting in DC. DC is like it’s own third world country inside the USA, I have never seen anything like it.

  • anony-i feel your pain. just moving to dc was crazy sticker shock.

    i am single and just wanted a close place to work.
    i had to get a someone to cosign my lease even though i am the one paying for my rent unlike alot of people here.
    didn’t matter that i have more than enough money to pay for all of my rent up front in my savings.

    the whole experience was very degrading and i cannot wait to get out of here! i just needed to find a place quickly

Comments are closed.