Big properties sold in Petworth, Columbia Heights, Mount Pleasant and Penn Quarter, “a local company whose business plan is to provide high-quality affordable housing by extensively renovating the properties”

1435 Newton Street NW courtesy Greysteel

From a press release:

“Greysteel, a nationally recognized commercial real estate investment services firm, has completed the sale of the NW DC Portfolio for an aggregate price of $48,120,000, representing more than 100% of the asking price. The four-property portfolio included the following sales:

1. 3654 New Hampshire Ave NW, a 28-unit apartment building located in Petworth, which closed in August 2022, for $6,552,000.

2. Newton Towers, a 56-unit apartment building located at 1435 Newton Street NW in Columbia Heights, closed in March 2023 for $13,104,000.

3. The Park Regent, a 96-unit apartment building located at 1701 Park Road NW in Mount Pleasant, closed in December 2023 for $19,968,000.

4. 1126 11th Street NW, a 43-unit apartment building located in Penn Quarter, closed in February 2024 for $8,496,800.

Greysteel represented the sellers, DC-based Real Estate investors who owned and operated the properties for decades. The Purchaser is American Housing, a local company whose business plan is to provide high-quality affordable housing by extensively renovating the properties, placing income-restricted affordability covenants, and in some cases, providing rent-subsidized housing. All four sales were completed separately through the District’s Tenant Opportunity to Purchase Act (TOPA).

“The sale of this portfolio at above its full asking price despite capital markets turmoil underscores the continuing demand for well-located assets in NW Washington, D.C.” said Managing Director Herb Schwat.

As a leader in the real estate market, Greysteel continues to demonstrate its capability to match sellers of valuable properties such as the NW D.C. Portfolio with visionary buyers like American Housing.”