Waterfront Tower Condominium Sells More Than 50% of Homes in Three Months

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--Move-ins Have Begun--

Waterfront Tower, Condominium
Many of the current buyers have been attracted to the community because of its convenient location and the attraction of an urban lifestyle.

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The Bernstein Companies (http://www.thebernsteincompanies.com ) announced today the Waterfront Tower condominium (http://www.waterfronttowerdc.com ), located at 1101 3rd Street SW, has sold more than 50% of the homes in the building. The condominium, which opened in September, has 123 homes. It is located in heart of Southwest D.C. -- an established neighborhood enjoying rapid residential and cultural expansion.

“We are very pleased, but not surprised that Waterfront Tower is in such demand,” said Marc Duber, Chief Operating Officer of The Bernstein Companies. “Our buyers are savvy purchasers and have taken advantage of both the $8,000 first time homebuyer tax credit and the fact that the building is FHA approved. On top of that, we credit the volume of sales on the fact that this chic light-filled building has all the surrounding amenities and is next to the Metro. People just can’t find condominiums like this in the District with prices starting from the low $200,000s.”

The property is adjacent to Waterfront Station - the newly designed mixed-use development located at the Waterfront-SEU Metro Green Line station. In the spring of 2010, Waterfront Station will become the future home of two District of Columbia government agencies. It also will have a vibrant retail selection including a new full-service Safeway grocery store, Starbucks, multiple restaurants and a major national bank. Waterfront Tower is also a short walking distance from the soon-to-be revitalized Southwest Riverfront and the new Arena Stage, which plans to re-open in October 2010.

Offering sustainable living and modern comfort, Waterfront Tower has drawn buyers from a variety of cities and neighborhoods across the District, Maryland and Virginia. New homeowners also include members of the Tenant Association who are finally seeing their long-awaited dream of home ownership realized.

“Many of the current buyers have been attracted to the community because of its convenient location and the attraction of an urban lifestyle,” added David Mayhood, President of The Mayhood Company which is responsible for the condominium marketing.

Originally designed by the world renowned architect I.M. Pei, the Waterfront Tower condominiums are comprised of studio, one-bedroom and two-bedroom homes. These homes include exquisitely detailed basics such as floor-to-ceiling windows, open kitchens, Caesar stone countertops, Wenge cabinets, custom white oak hardwood floors and high-efficiency CleanSteel appliances.

About the Bernstein Companies

The Bernstein Companies is one of the oldest and privately owned real estate, development, investment and management organizations in Washington, D.C. Since 1933, the Bernstein Companies has demonstrated a virtually unparalleled track record of diversified success. Recognized as an industry leader, the Bernstein Companies pioneered the condominium era in Washington, D.C. in the early 1970’s. The company owns, manages, develops and invests in a variety of commercial office buildings, hotels and residential properties, including Waterfront Tower. To learn more about the Bernstein Properties, please visit http://www.thebernsteincompanies.com .

For more information on Waterfront Tower, please visit http://www.waterfronttowerdc.com or call (202) 484-0888.

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Julia Hudson


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