The sales price of the 723-unit, 43-acre McLean Gardens housing complex in Northwest Washington -- $24.5 million -- was disclosed this week by the seller, Fairmac Realty Corp.
Two weeks ago, the property was transferred to McLean Gardens Limited Partnership, an investment group that includes members of the McLean tenants association and private investors.
David Rubloff, president of the Washington subsidiary of Arthur Rubloff & Co., a Chicago-based national realty firm, said the transaction was "one of the biggest residential property sales in the nation during the past year, both in size and cost."
The property is west of Wisconsin Avenue and Porter Street NW and adjoins Glover-Archbold Park. Tenants of the moderate-rent complex long fought to prevent its redevelopment, and some of them eventually helped purchase the complex to avoid the cost of a developer's participation.
The new partnership owning the property includes Jack Koczela, chairman of the McLean Gardens tenant association; attorney William McCulloch III; condominium specialist David R. Marshall Jr.; David Kornblatt, whose Rubloff office will handle sales for the units after conversion to condominium ownership, and Jeffrey Server, vice president of development for the parent Rubloff company in Chicago.
The residential buildings, which now have fewer than 160 tenants, are expected to be rehabilitated. New units are also planned, which will result in a total complex of 1,300 condominum and cooperative apartments and townhouses.
Future prices and terms were not disclosed by Donald Epner, who will direct sales and marketing for the Rubloff firm. However, an earlier report indicted that prices are likely to range from $45,000 to $110,000. Tenants are expected to be offered special prices and some tenants will have the option of moving out and receiving a $12,000 payment for vacating before next April.