“This is the newest history on the block in Columbia Heights,” Teresa Edmondson says.
Edmondson owns a share in the entire property because she is a member of The Cooperative At 1477. The cooperative, an association of residents who organized so they could own and operate the apartment building, acquired the building from the landlord in February. Unlike condo owners who own their unit, co-op members own a share in the building and lease their unit via contract.
The residents bought the building at a price that is substantially below what it is actually worth. According to one appraisal, the building has a value of $5.5 million. Yet, tenants acquired it for $2.3 million. Edmondson, the president of the co-op’s board, revels just thinking about the co-op’s victory of collective ownership. It took more than three years, along with a dedicated team of tenants and housing experts.