DC-Area LIHTC Portfolio Changes Hands for $31M
Greysteel facilitated the sale of 286 units spread across three affordable properties, which are restricted to residents age 62 and over.
Greysteel has arranged the sale of a three-property, 286-unit LIHTC portfolio in Germantown, Olney and Silver Spring, Md. According to Yardi Matrix data, the affordable and age-restricted assets traded for a combined $31.2 million. The transaction ranks as one of the largest senior affordable housing deals in the history of Montgomery County. Housing Opportunities Commission of Montgomery County is the new owner of the communities.
Spread across three Washington, D.C., suburbs, the portfolio consists of the 102-unit Willow Manor at Clopper’s Mill in Germantown, the 101-unit Willow Manor at Fair Hill Farm in Olney, and Willow Manor at Colesville, an 83-unit asset in Silver Spring. The first community is located at 18003 Mateny Road and includes only one- and two-bedroom units. Situated at 18301 Georgia Ave., Willow Manor at Fair Hill Farm is a four-story asset, built in 2005. The third property is located at 601 E. Randolph Road, roughly 15 miles from downtown Washington, D.C.
The average occupancy hovers around 98 percent, with all properties serving residents age 62 and over. Each community in the portfolio includes a fitness facility, business center, theatre and billiards room.
Greysteel President & CEO Ari Firoozabadi, Director Ari Azarbarzin and Senior Investment Associates Henry Mathies and Alicia Orkisz worked on behalf of the seller. Firoozabadi was recently part of the team that arranged the $12.3 million sale of Regency Court, a 115-unit property in Suitland, Md.
Images courtesy of Yardi Matrix