Transforming D.C. Office Space into High-End Executive Apartments: Mint House and Altus Realty's Innovative Venture
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- Mint House and Altus Realty secure $30.25 million loan to convert a downtown Washington, D.C. office building into hotel-style apartments.
- The project involves developing 85 units in the 11-story Denrike Building at 1010 Vermont Ave. NW.
- Units will range from studio to two-bedroom, featuring kitchens, workspaces, and living/dining areas, with flexible stay options.
- The development, scheduled to open in 2025, is aimed at executives and includes amenities like digital check-in, smart appliances, and in-room fitness options.
- The location's proximity to attractions and the lack of new market competition make it an ideal investment, according to Hall Structured Finance.
- Mint House is a tech-focused real estate operator expanding its portfolio, with plans to double its presence in major U.S. cities.
- The company's technology offers a consistent, branded experience for short-term rentals, aiming to fill a gap in the market for professionalized, apartment-style accommodations.
- Amenities include on-demand fitness, local food delivery partnerships, and the option for guests to purchase items found in their fully furnished units.
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