Affordable Community in DC Changes Hands
- Nov 29, 2016
by Mihaela Coste
Washington—Greysteel has closed the sale of a multifamily asset in Washington for a price tag of $6.6 million. The property was sold by Jair Lynch Development Partners to Wesley Housing Development Corp. The transaction was arranged by Greysteel’s Ari Firoozabadi, W. Kyle Tangney, Rawles Wilcox, Alicia Orkisz and Herbert Schwat.
Located at 617 Hamlin St., Brookland Place is composed of 12 three-story buildings totaling 80 one-bedroom units of 530 square feet each.
“Brookland Place was Wesley Housing Development Corporation’s first acquisition in the District and was acquired in partnership with the tenant association through the District’s Tenant Opportunity to Purchase Act (TOPA),” said Orkisz in a prepared statement. “Wesley will preserve the community’s affordability and received for construction/permanent financing from DHCD for a substantial rehab and a secondary loan from Enterprise Community Partners Inc.”
According to Yardi Matrix data, the sale was subject to an acquisition and development loan in the amount of $6.3 million, held by Bellwether Enterprise Real Estate Capital.
Completed in 1950, Brookland Place is located near the Catholic University, within walking distance of two Metro stations and in close proximity to the mixed-use Monroe Street Market.
Images courtesy of Greysteel