A PoPville twitter reader writes:
“With Park Triangle in Columbia Heights up for sale, can you point readers to what happens if an apartment building goes condo?”
The reader is referring to a Washington Business Journal post:
Park Triangle, a luxury apartment complex in Columbia Heights that was completed in 2006, is on the market.
Jones Lang LaSalle Inc. is marketing the 117-unit building on behalf of its owner, Mid-Atlantic Multifamily Group. The building also includes 18,500 square feet of ground level retail space at 1370 Park Road NW.
This is the building above the Columbia Heights plaza.
We had a similar discussion when the nearby Allegro was foreclosed and later sold.
For the Park Triangle building I would be very surprised if the new owners immediately convert it to condos, I’d guess it will remain rentals. But just out of curiosity – does anyone know what happens when a rental building is converted to condos? Does the tenant get first dibs at a purchase?
For those who live at the Allegro and stayed through the sale – did you notice any changes? Was your rent raised/lowered?
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