As buyers continue to snatch up derelict properties along Brookland Park Boulevard, a real estate player in the Northside neighborhood is taking the lead on investing in another nearby street.
Kyle H. Johnston, the owner of Richmond-based Hampton Nash, acquired two buildings at 2914-2916 North Ave. for $110,000, according to city records.
Hampton Nash renovates historic residential and small commercial structures across the city, including the Brookland Park neighborhood.
The firm also owns the former movie theater building at 115 Brookland Park Blvd., which some say could be an important piece to the neighborhood’s growth if the historic structure is redeveloped.
Johnston said he is still mulling ideas for his North Avenue and Brookland Park Boulevard properties.
“We know it’s going to be an eight- to nine-month process,” Johnston said. “We have no specific tenant lined up at this time.”
Wilson Flohr, a broker with Richmond-based Porter Realty who represented Johnston in the North Avenue deal, will lease out the space after renovations.
“We think retail or office is going to be a good use for the property,” Flohr said. “At this moment, we’re still considering all options for the space.”
The two buildings total 4,700 square feet. 2914 North Ave. is one story, while 2916 North Ave. is two stories, each with frontage along North Avenue and alley access. Both structures are zoned for mixed use.
Johnston has been buying and flipping real estate in the Brookland Park neighborhood since 2008, including residential properties. A recent rise in development and redevelopment has prompted some brokers to compare its future potential to neighborhoods like Church Hill and Manchester.
“There was always something there,” Johnston said of the area. “It was really a matter of timing.”
The building at 2829 North Ave. is for sale, and Metro PCS moved into retail space at the intersection of North Avenue and Brookland Park Boulevard a couple months ago.
Flohr said that deal flow may continue to increase.
“That’s part of the appeal,” he said of the North Avenue corridor. “That’s the next area set for new investment.”