The Washington herald., 1921-11-13
WALKER COMPANY
INTRODUCES PLAN;
TENANTS RESPOND
Within One Year Ten Big
Apartment Erections
Have Been Sold.
WELL RECEIVED
Z Following Novel Idea Comes
Announcement of Southern
Building Sale.
WELL RECEIVED

lueA 70 the NalOnAl SAplIdL WASH
ington apartment jewellers liked the
idea immensely and within the
short space of a year ten large
apartment buildings, containing
hundreds OF apartments, have been
sold
Following the successful intro
duction OF the cooperative apart
ment sale, the company announced
the proposed sale OF the Southern
Building, Fifteenth and H streets
northwest, on the cooperative plan.
Cooperative sales Of apartment
buildings have been successfully
conducted In many OF the larger
CentsFs, but this Is the first instance
where q great once building has
been sold under this plan. and very
naturally II Is attracting wide in
terest.
In almost every respect the once
building sale follows the plan and
idea OF the apartment sale. stock Is
issued and sold covering space In
the building. and purchasers are Is
sued certificates OF ownership. Civ
ing the right OF perpetual oceu-
pancy. subject to rules, regulations.
bylaws and charter Of the corpora
tion, which Is composed entirely OF
the owner-purchasers.
Almost from the initial announce
ment. the sale Of the Southern
Building has been a pronounced
success. It was walkers idea that
sale Of space in the building must
be made only to individuals, firms
and corporations Of the highest
standing. This idea has been rigid
ly adhered to and the result Is
high standard Of occupancy. April
cations for large sections OF space
have been refused because tho ap-
plications in some way failed to
measure up 70 the required STANDARD
which the company wishes TO main
tain
A corporation Is being formed
under the laws OF the State of
Delaware. with capital stock in the
amount Of S2,2s6.3OO. This corpor-
alton will be known as the South
ern Building Owners, Incorporated.
Sales are made for cash, or for
nne-third cash. and the balance In
deferred payment notes OF the pur-
chaser. col!ateralled by stock GER
tIflcate Of ownership.
Deferred payment notes are nqui-
dated by monthly payments OF
sum equivalent to rs per cent Of
the rental value, which Will pay on
the note In 13s months. These pay
ments also include a sufficient sum
to operate the building. pay each
purchaser's proportionate share or
maintenance, taxes. interest and all
charges.
Purchasers for cash pay month
" In advance their proportionate
share Of maintenance, operation anc
40 forth, estimated at less than 20
per cent Of the rental value.
Amortization Of the mortgage on
the building Is provided for. ana AT
tba conclusion Of 100 months, when
M SnTsrred payment notes have
80, Maid. the building will be free
ana clear Of all membranes. Pur-
ohosers who pay cash are tnlly
Crotectsd IN the matter OF the
mortgage. ,s "a
.tv.. certificate Of ownership
1vhIch Is in effect a deed In rec SIM
NE % himself. his heirs and as
.Igns subject only to the rules,
regulations and bylaws anu
r1onthly payments OF operating ana
maintenance expenses
Among the purchasers OF large
factions Of space are: The Mer-
chants Bank. Washington. d. C. one
=, ,hs leading banks Of the Capital:
former United States Senator Hoke
smith. Of Georgia, who now has
-. Ian, practIce in Washington:
FORMER Governor Joseph w. FOLK
., Missouri. who also has a law
fpracttce: J. Thilman Hendrick, for-
- district Commissioner and well
Lnown Washington fnancier; Doug
-. OyBear and Douglass, we'll
Lnown washington law firm: John
Lewis Smith, prominent washing
ton lawyer; Aluminium Company or
America, a Pittsburgh corporation;
Rates Warren and W. II. Sholes.
LAWYERS and fnanciers; Bureau OF
Annlied Economics: W. Jett Lauck'
psfionalIy known economist; Inter
national Bank and Trust Company;
Hugh I. Hannah. noted economist:
National X-Ray Laboratories; Rob
.rtson. Furman and Murphy. &C
.ountants. OF New York and wash
Inrton; Ritter. Oneil and Barry.
inc. a Chicago corporation.
The Southern building is a mod
,rp hreproof structure, containing
ten stories and basement. II has a
frontage Of $50 feet on Fifteenth
street and I4s feet on II street. 1t
was planned by d. Fl. Burnham and
Company. 81 Chicago. and was was
completed in 1910 by the Thompson
starrett Company.
The building Is served by four
passenger elevators, uniformed OPP
orators and starter. with one ex-
press elevator to the upper stories
curing the rush hours.
u Is the belief OF those in closest
touch with cooperative ownership
that the standard OF occupancy will
be high. and that lower operating
costs and improved service will
follow. They believe that II will
bring to office buildings the same
change that comes to a street OF
renters that 10 converted into a
Etreet Of home owners.
In It's cooperative apartments
the Allan z. walker Company has
found this to be true. Owners OF
apartments have spent time and
money to make their apartments
more attractive. They have Coop
Grated to make their buildings bet
ter places to live in and the result
has been that wherever any of the
apartments have been offered for
resale there has been no trouble in
securing immediate sale at sub
ytantiaI advance over the original
price.
Owners joining in meetings for
The management and conduct of the
building make. warm friendships
and a community spirit Is given
birth. Such. IL Is believed, will be
The case in the co-operatiyely-own