Greysteel Brokers Sale of DC Affordable Senior Community
- Jan 08, 2020
Osprey Property Co. has sold Victoria Park Jaycees, a 60-unit affordable senior housing community in Waldorf, Md., for $5.8 million. Greysteel President & CEO Ari Firoozabadi, along with Director Henry Mathies represented the seller and also procured the buyer. According to Yardi Matrix data, this is the first time the 17-year-old asset traded.
Located at 11060 Weymouth Court on 1.5 acres, the transit-oriented property is less than a mile from Route 301 and roughly two miles from downtown Waldorf. Multiple retail and entertainment options are available within walking distance. Completed in 2003 under the Section 42 low-income housing tax credit program, the four-story building is rent restricted through 2043, according to Yardi Matrix.
All units are set aside for residents earning 30, 40, 50 or 60 percent of the area’s median income. The new owner has the option to raise rents to the maximum allowed by LIHTC, according to a prepared statement from Mathies. In another recent deal, the same brokers negotiated the sale of another Osprey property, a 100-unit community in Baltimore.
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