Allegro Apartments Heading for a Foreclosure

Sounds like Allegro Apartments, the largest apartment building in Columbia Heights, is heading for a foreclosure auction on the 18th of November. Well what do you say, how can the company stay afloat - in this market - if only 58% of its units are leased? (I think Allegro was built a condo, then was converted into apartments because of market shift).

As my colleague reported in this week's paper (subscribers only), the building's developer, Metro Properties Inc., hasn't rented enough apartments to pay the bills. The company was served a foreclosure notice in October from one of its lenders, New York-based iStar FM Loans.

[via Washington Business Journal]