281 Union is a 7-story, 33-unit luxury rental building built on an extremely unique “island” surrounded by 3 streets. Largo acquired the property from the Methodist Episcopal Church that had owned it since 1908. Largo designed a unique rental property, using its knowledge of the local zoning to maximize the rentable square footage. Largo also took advantage of the unique property that gives the building four exposures and an enormous amount of light into every apartment. In addition, Largo introduced a design trend to the market by leaving the concrete ceilings and columns of the apartments “raw” to the delight of the residents. Largo launched leasing in April 2014 and leased 40% of the units in its opening weekend. Once fully leased, Largo sold 281 to a 1031 buyer.
