Affordable Community in North DC Changes Hands
- Jun 27, 2016
Washington—Greysteel announced it has arranged the sale of Fort Stevens Place, a 59-unit, fully affordable multifamily property in Washington, D.C.’s Brightwood area. The community traded for $5.5 million.
The Greysteel team led by President Ari Firoozabadi represented former owner Jair Lynch Real Estate Partners, who sold the property to Community Preservation & Development Corp. According to Yardi Matrix, the sale was subject to an acquisition and development loan in the amount of $5.9 million, held by Enterprise Community Loan Fund. The new owner intends to continue operating the property as an affordable community.
Situated at 1339 Fort Stevens Drive, the property is close to Rock Creek Park and within a 20-minute drive from downtown D.C. With a total leasable area of 65,100 square feet, Fort Stevens Place encompasses 34 one-bedroom and 25 two-bedroom, two-bath units. The 59 apartments have an average unit size of 1,103 square feet.
The property was completely renovated in 2000-2001 through Section 42 Low Income Housing Tax Credits and currently houses families with household incomes under the Area Median Income’s 60 percent mark.
“As the city continues to develop rapidly, providing affordable housing solutions is paramount, especially in locations like Fort Stevens. Jair Lynch Real Estate Partners did a remarkable job of improving the property since they acquired it in 2011,” said Kyle Tangney, senior director with Greysteel’s D.C. office.
Image courtesy of Greysteel