July 14, 2006 – Tycko & Zavareei LLP Represents Non-Profit In $8.5 Million Purchase Of Apartment Building That Will Preserve Almost 150 Units Of Affordable Housing In The District Of Columbia

Jonathan Tycko of Tycko & Zavareei LLP represented the Central American Resource Center – CARECEN, which acted as the development consultant to the tenants association at Randolph Towers, located at 3900-3902 14th Street, N.W., in the District of Columbia, an apartment building with approximately 150 units.  With CARECEN’s assistance, the tenants association successfully purchased the building for approximately $8.5 million.  The building will now undergo construction to bring it to modern standards, and will be converted into a condominium.  The majority of the tenants will be staying in the building, and will be purchasing condominium units at prices affordable to low and moderate income residents.  The total expected cost of the project  is approximately $22 million.  The Washington Hispanic reported on the purchase, and that article can be seen at:

http://www.washingtonhispanic.com/Passissues/ paper7_21_6/html/metro.html