DC Community Trades for $10M
- Oct 18, 2017
NOVO Properties sold a 132-unit community in the Congress Heights neighborhood of Washington, D.C. The property known as Cascade Park changed hands for $10.1 million. Greysteel President & CEO Ari Firoozabadi brokered the sale, with Managing Director Kyle Tangney and Investment Associate Herbert Schwat serving as exclusive advisors and agents to NOVO Properties. Recently, the team also brokered the sale of the Regenesis affordable housing portfolio in Washington, D.C.
“Cascade Park Apartments represented a substantial value-add opportunity with an unseen unit mix in a rapidly emerging submarket of Washington, D.C. The recent delivery of the MGM National Harbor and the proximity to the employment hubs in both Prince George’s County and across the District of Columbia drove interest from the buyer community,” said Kyle Tangney in a prepared statement.
Cascade Park is located at 4236 S.E. 4th St., within minutes of the Capitol Riverfront, Washington Navy Yard or Downtown Washington, D.C.’s business district, as well as several federal employers. Eastover Shopping Center is situated five minutes away from the property, with its multiple retail stores. Several schools like Ingenuity Prep, Hendley Elementary School and Ballou STAY High School are also nearby. Transit options include the closely situated interstates 295 and 495.
The apartment community comprises five buildings, erected in 1949. Two efficiency units are available, as well as 39 one-bedroom, 38 two-bedroom, 30 three-bedroom and 23 four-bedroom units, totaling 141,474 square feet in size. According to Yardi Matrix, the average rent is $1,309, while occupancy is at 94 percent.
Image courtesy of Greysteel