FirstService Grows Washington, DC Portfolio
- Aug 21, 2020
FirstService Residential has expanded its management portfolio with the addition of The Saxony Cooperative, a seven-story co-op building with 161 units in Washington, D.C. The company manages nearly 7,000 units in the U.S. and three properties in Washington, D.C., according to Yardi Matrix data. This past March, FirstService was tapped to manage Safari Drive, a 93-unit luxury condominium community in Scottsdale, Ariz.
The Saxony Cooperative is located at 1801 Clydesdale Place NW, in the Adams Morgan neighborhood near Rock Creek Park and the National Zoo. The property is within a five-minute walking distance of shops and dining options at Columbia Road Northwest and around 2 miles from the city’s downtown. Built in 1949, the community features efficiency, one- and two-bedroom apartments and currently has no available units. Amenities include a roof deck, fitness center and laundry room.
Despite the disruptions caused by the global health crisis, D.C.’s multifamily sector remained active. Recent news from the metro includes JBG SMITH closing on $385 million in financing for a three-property portfolio in the National Landing and Ballpark submarkets.