Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-02-11
THE BIGGEST DEAL YET.
A Syndicate Invests Q Million and 3
Half In District Real Estste.

A Syndicate Invests Q Million and q
Hall In District Real Estate.
tn. sHADox ESTATE AND A xuns.a o, CALI.
ronx1Axs Buzz loo ACRES OF SUBURBAN
LAND NonTH OF THE crTY-HALY N1IIloN
PAID 1o1 TIE vALBRIDoH PLACE.
A series Of real estate PURCHASES have Just
been closed up which in their extent and in the
magnitude Of the sums involved have never be-
fore been equaled in this city. For some
weeks past, g. has been noted from time to
time in The STAR, real estate c,rcles have been
much interested in the active movement in
suburban property to the north and northwest
OF the city. Owners Of tracts Of land have re-
ceived offers for their property Of such char
acter that they could not refuse. It was soon
found that q systematic plan had been adopted
ana that nearly all the purchases lay
along the line Of Connecticut avenue
extended A large number Of these tracts
were secured on options. Maj. Geo. A. Armes,
who 10 in the real estate business, now that the
trlbulatiOns arising from his numerous court
martials have been settled, seems to have taken
the initiative in this movement Beginning at
Woodley park he secured options on nearly every
piece Of property in the vicinity of Connecticut
avenue extended all the way out to the Dis
trict line. Maj Armes, however, had no in
tention OF buying this property for himself.
THE CALIFORNIA SYNDICATE.
He succeeded short time ago, having his
pockets full Of options. in interesting several
gentlemen Of wealth in this enterprise. The
result was that syndicate was formed, which
has already been given the name of the Cali
fornia syndicate" The appropriateness Of the
name was suggested by the fact that the lead
ing members Of the syndicate are citizens Of
California. The trustees OF the estate of the
late ex-senator Sharon, represented by Mr..
Newlands, are the principals in this syndicate,
Of wealth. SO that the syndicate is said to be
well supplied with funds. They have gone into
an enterprise which requires at the outset q
capital OF at least
ONE MILLION AND HALF
Of dollars. This large sum, which Is said to
represent the prices agreed to be paid for the
various properties, is many times larger than
has ever been invested in Washington property
at one time and by one set of men. 1t is the
biggest real estate transaction ever known
here, and, while 1t is difficult to get
the details of the transaction, yet it is the talk
In all real estate Offices and brokers are anxious
to know the particulars The principals in the
affair say that the time has not yet come to
talk, and Maj. Armes told STAR reporter this
morning that he had nothing to say. However,
what everybody wants to know is not long kept
secret and SO it has been possible to gather
together many details Of these extended opera
tons.
THE FIELD COVERED.
A good idea Of the field covered by these
purchases can be obtained by placing ruler
on Hopkins map of the city and in this way
continuing Connecticut avenue extended all
the way out to the District line. The prop
erty now owned by the syndicate lies on
each side of the extended avenue, with
the exception of the Walbridge tract
The S6 acres comprised within the limits of the
ground marked on the map with the name of II.
y. Wallbridge adjoin Lanier Heights on the
north and extend to the Pierce Mill road with
Rock creek as the western boundary. A por-
ton OF this tract is now included in the bounds
OF the Geological park.
100000 FOB ONE TRACT.
For this property the syndicate is said to
have paid $500, 600, which makes it the most
costly price Of all the 1000 acres or there
abouts which they have purchased This part
OF the transaction is important because it is
the largest sum OF money ever paid for that
amount of suburban land. The Kalorama
tract, which is Of about the same extent, was
sold nearly four years ago for $4OO, 600, and
since that time it has held its place
as the highest priced piece OF
suburban property. The Walbridge tract,
however. brought 100000 more. Leaving
this property and beginning on the line of
Connecticut avenue extended at the northern
limits of Woodiey park the properties secured,
with their acreage, are as follows: Walter W.
Evans tract, l25 acres; portion Of Richmond
park, 81 acres; the Klingle tract, "a acres; W.
K. Ryan tract, 109 acres; Mrs. Sterrit tract, Ga
acres: Chss. H. Payne tract, 46 acres; Adelia
French tract, AZ acres; David Shoemaker tract,
30 acres; w. ]. Belt tract, 81 acres, and q num-
Der OF smaller pieces. 1t is estimated that the
entire purchase made by the syndicate COM
prise about 1.2O0 acres.
IMPROVEMENTS CONTEMPLATED.
While they have spent a million and a half in
securing this property it is said to be their in
tention to expend a similar sum in improve
ments. Their plans are not yet determined,
still it is understood that they intend to build
railroad and develop the property.
THE SHARON ESTATE
The Sharon estate, which is the largest owner
in this syndicate purchase, already own great
deal of real estate in this city. A large part of
the Sharon property here was purchased by
the late Senator Sharon from the late
Judge Sunderland. 1t is curious CO.
incidence that Judge Sunderland, in
Senator Stewart constituted what was known
in the year 1871 as the California syndicate.
They came here from California and their big
purchases Of real estate in the northwestern
section Of the city was the talk of the town.
The first California syndicate grew wealthy by
buying land that did not then seem to have as
good future as that which the later syndicate
has just secured.