COMMONWEALTH COOPERATIVE ACQUIRES D.C. APARTMENTS FOR $70M

WASHINGTON, D.C. — Commonwealth Cooperative, a newly formed group of multifamily investors, has made its first acquisition: the 131-unit South Cathedral Mansions, located at 2900 Connecticut Ave. in Washington, D.C.’s Woodley Park neighborhood. Commonwealth Cooperative is comprised of Commonwealth Residential and CAS Reigler, with Oculus Realty providing property management services and Snead Construction providing contractor services. The new ownership is planning an extensive two-year redevelopment of the property, which will include the addition of 29 new apartments, 17 of which will feature 20- to 30-foot ceilings. The landmark property, which is listed on both the National Register of Historic Places and the D.C. Inventory of Historic Sites, has traded hands only four times since its development in 1922.