Just in time: Mount Rainier closes $1.5M property sale

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IFG Group LLC

A rendering shows IFG Group's plans for the 3200 block of Rhode Island Avenue in Mount Rainier.

Just in time to avoid the possible collapse of the commercial real estate market, the City of Mount Rainier completed the sale of 3200 Rhode Island Avenue for $1.5 million to IFG Group Development and Construction. The property is approximately 33,000 square feet of vacant land the city bought more than 10 years ago for an inflation adjusted $1.1 million. IFG Group plans to build a $30 million mixed-use apartment complex.

The transaction was scheduled to complete this past Friday. By Monday, the money had not yet shown up in the city’s accounts, causing some concern. According to a source familiar with transaction, the delay was a result of economic shocks from the coronavirus pandemic which caused banks to more-closely scrutinize large transfers.

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