Snell Properties buys Elysium Fourteen for $43m

Snell Properties purchased Elysium Fourteen, a mixed-use property in Washington, DC, for $43m. The scheme, which offers 56 residential units, is a reconstruction of two historic buildings initially built in 1897 and 1904. The developer, Madison Investments, renovated the old buildings and constructed an adjacent nine-story tower along with 12,800 sq ft of ground-floor retail. With rental rates averaging just under $3,500 per month, the property was 89 percent leased at the time of the sale. The deal was funded by $34.2m mortgage from Blackstone Group.