WASHINGTON, DC (PRWEB) October 28, 2011
Kossow Management Corporation announced today that it has completed purchase of the La Reine Apartments at 5425 Connecticut Avenue NW, in an all cash deal exceeding $17 million. The purchase adds a significant address to Kossow’s portfolio of properties in the DC metro area, and is the first major deal for the company since 2007. Kossow Management Corporation, which completes many of its acquisitions without partners or financing, plans to begin a $4 million dollar renovation of the La Reine immediately, in preparation for long-term ownership. The La Reine had been owned by the Kline family since it was built in 1929.
“It’s a superb building, in a great location, and we are very pleased to add this project to our portfolio,” said John Kossow, owner and chief executive officer of Kossow Management Corporation. “As the current tenants know, our family will be committed to preserving and improving this luxurious building as a wonderful place to live for many years to come.”
Kossow Management was initially selected in March as the buyer, chosen over several other bidding groups. The company then competed with the 5425 Tenants Association investor for rights to purchase, and won that competition in a vote conducted by the tenants on August 25, 2011. The La Reine has 95 large studio, one-, and two-bedroom apartment units with 9 foot ceilings, hardwood floors, and garage parking. The building’s prime location, near Chevy Chase Circle, in the District’s northwest quadrant, has also helped it maintain high popularity and occupancy rates.
“We’re looking forward to getting started with the renovation and remodeling projects,” said Andrew Kossow, president of Kossow Management Corporation. “The tenants are going to benefit from the numerous improvements we’ll be making to the units and the common areas of the building, as well as the fact that we’re preserving the historically aesthetic aspects of the building. This is a significant deal, and a purchase for posterity. We view it as a win-win for everyone involved.”
About Kossow Management Corporation
A private company, with headquarters in Rockville, Maryland, Kossow Management Corporation was established in 1978, and owns and manages numerous properties in the Washington, DC metro area.