Greysteel Markets Value-Add Community in Northeast D.C.
The two-building community sits in an area which is seeing rising rents and a significant pipeline of new and renovated properties in both the multifamily and retail sectors.
By Bogdan Odagescu, Associate Editor
Washington, D.C.—Commercial real estate investment services firm Greysteel recently announced it has been retained as exclusive advisor and agent for the sale of Franklin Street Apartments, a 76-unit multifamily property situated in Washington, D.C.’s northeast Brookland neighborhood.
The property will be marketed by Greysteel President Ari Firoozabadi, Senior Director Kyle Tangney, Director Rawles Wilcox, Investment Associate Alicia Orkisz, and Junior Investment Associate Herbert Schwat, all of the Washington, D.C., office.
Located at 315-325 Franklin St., the two-building community was completed in 1939 and is marketed as a value-add opportunity in an area which is seeing rising rents and a significant pipeline of new and renovated properties in both the multifamily and retail sectors.
Situated next to the Trinity Washington University and close to the Catholic University of America, Howard University, and the MedStar Washington Hospital Center, the property also sits within a 15-minute ride from Union Station. Brookland-CUA and Rhode Island Metro stations, both on the Red Line, are less than a 15-minute walk away. Nearby amenities include an adjacent playground, the Rhode Island Avenue Shopping Center, Monroe Street Market, Autozone, Home Depot and T.J. Maxx, as well as many other shopping and dining options.
“The growth within the Brookland neighborhood and addition of numerous new developments has contributed to the significant increase in listing prices in the area…This will be an extremely attractive opportunity for investors as Northeast D.C., and Brookland in particular has become a stand-out area in the district,” said Tangney.
Image courtesy of Greysteel