Walking distance from three stops and five lines of the DC Metro, this multifamily residential complex in the Southeast section of the city features more than 20 separate floor plans ranging from studios to two-bedroom units. It’s also only six blocks from the United States Capitol with land density that allows for additional development in the future. At the time of purchase, existing rents were 40% below the market average, and a $7MM renovation program is underway, including new windows, roof, elevators, common areas and unit interiors. The asset has far exceeded initial performance expectations, and PRP and its partners are in the predevelopment phase of a 314-unit Phase-II building with a zero land basis.