Greysteel Arranges 17-Unit Sale in Northwest D.C.

Columbia Heights Partners LLC bought the 17-unit multifamily community offering great development potential.

By Alexandra Pacurar, Associate Editor

The Buchanan in Petworth, Washington D.C.

The Buchanan in Petworth, Washington D.C.

Washington, D.C.Greysteel announced the sale of a 17-unit, two-story multifamily community located in Washington, D.C.

The Buchanan, which hit the market in the fall of 2014, sparked a high level of interest but in the end was purchased by Columbia Heights Partners LLC. Greysteel represented the vendor, Buchanan Partners LLC, in the transaction. Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox, Alicia Orkisz, and Herbert Schwat led Greysteel’s Mid-Atlantic multifamily investment sales team.

The Buchanan is located in Petworth, a district in Northwest D.C. with numerous retail amenities such as Safeway, Walmart and Target, and proximity to public transport hubs such as Georgia Avenue-Petworth Metro Station. “The Buchanan offers a tremendous opportunity for new ownership to add an additional unit and increase revenues”, said Kyle Tangney, Senior Director at Greysteel.

According to the most recent Yardi Matrix Market Analysis, the Washington real estate market has been picking up slowly, but surely, while local economy has become more diversified. Sales topped $2.5 billion last year, even though average prices in the city have been consistently above the national average.

Median home prices have been steady thanks to the federal government-related job base, therefore the real estate market here was less affected by the housing crisis. Additionally, supply is soaring in Washington and it is likely to remain strong in the following years.

Greysteel is a commercial real estate and capital markets services firm with offices in seven cities across the United States. The company advises real estate investors and developers in all aspects related to real estate transactions. Buchanan Partners, founded in 1998 is particularly known for its commercial property portfolio,

Image courtesy of Greysteel

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