2238 Prater is one of my projects. It was a quick riff on 1701 H Street using the same team and basic design to create permit ready documents for an 8-plex in less that 2 weeks for less than $10,000.
Listed for $950,000 and in contract after 3 days, noting that rents are $300 below market at $675/month. That is probably an underestimation.
I am proud of this project because I am proud of the original developer’s personal commitment to provide clean, cheap, shiny and new (with ugly colors!) housing and maintain the affordable pricing over the last few years when he could have been sucking the tenants dry and master leasing to Tesla to maximize profits. I don’t know why 2238 Prater has been singled out to drop out of his portfolio, but am sure the original mission will be lost on the new buyer.
Building and continuing rent at affordable levels is not code required, not currently regulated in any way, and no normal developer will do that without government subsidies. It takes personal commitment to do this. So cheers to By Sprenger for the good you have accomplished for the community!
Steve Jobs said:
“master leasing to Tesla”
What does this mean exactly?
I’m guessing the property owner leases either the entire complex or buildings to Tesla, who in turn subleases to their employees.