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February 2, 2016

Revolve gets $14M for Capitol Hill apartments

Photo courtesy of Andrew Pogue Photography [enlarge]

Revolve Development sold Yardhouse: a 35-unit apartment complex at 1406 E. Republican St. on Capitol Hill for $13.95 million, property records show.

The price translates to about $765 per net square foot and $398,571 per unit. The per square foot price is a record for wood-frame construction, said Dugan Earl, a partner at Revolve.

The buyer is an entity related to the Costacos family. The Costacos family last year sold a half-block site at Fourth and Columbia to Crescents Heights Inspirational Living for a 101-story, mixed-use tower.

Yardhouse opened in December 2014, and it is 100 percent leased, Earl said.

Revolve designed the building, Express Construction built it and Blanton Turner is property manager. ARA Newmark represented Revolve in the transaction. Trinity Real Estate advised the Costacos family.

ARA's Marty Leith said in a press release the property is an “ideal in-city project” that had numerous qualified buyers.

“Upon completion, the property performed beyond expectations, resulting in fierce competition, and frankly we wish there were 10 to sell just like it,” Leith said.

Earl and John Schack formed Revolve in 2011. The firm focuses on developing underused sites in the urban core, according to its website.

Revolve is working on a plan to turn the Seven Seas Building at 1315 First Ave. — the former home of the Lusty Lady — into a boutique hotel.

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