Greysteel Brokers Sale of DC Regenesis Portfolio
- Aug 30, 2017
Greysteel brokered the sale of the Regenesis Portfolio, a 482-unit affordable housing portfolio in Washington, D.C. Greysteel’s local office was in charge of the transaction. President & CEO Ari Firoozabadi, Managing Director Kyle Tangney and Senior Investment Associate Alicia Orkisz were part of the team that arranged the deal.
The Regenesis Portfolio consists of five well maintained properties, located in neighborhoods surrounded by new developments and within close proximity to mass transit. In 2011, Jair Lynch Real Estate Partners purchased all the properties through a portfolio acquisition, but started to trade them separately in 2016. The properties are:
- Brookland Place — The asset is located at 617 Hamlin Street N.E. and includes 80 one-bedroom units. The four three-story buildings were built in 1950. According to Yardi Matrix data, the property last traded in 2016, when Wesley Housing Development Corp. acquired it for $6.6 million.
- Fort Stevens Place — The building is located at 1339 Fort Stevens Drive N.W. and includes 34 one- and 25 two-bedroom, ranging from 700 to 1,620 square feet. Community Preservation & Development Corp. purchased the asset last year for $5.5 million.
- Mass Place — The 160-unit community is located at 1111 Massachusetts Ave. N.W. Built in 1965, the property features 68 parking spaces, controlled access and laundry facilities. National Housing Trust acquired Mass Place in April 2017 for $22 million.
- Petworth Place — The asset is situated at 930 Randolph St. N.W. and features 78 apartments. The 1936-built asset last traded in March 2017 for $4.8 million.
- Takoma Place — The 105-unit property is located at 6676 Georgia Ave. N.W. NHP Foundation acquired the affordable community in March 2017 for $14 million.
Preserving affordable housing options
Jair Lynch Real Estate Partners renovated, improved management practices and successfully preserved this affordable housing portfolio in the district. The Low Income Housing Tax Credit portfolio was nearing the end of its initial compliance period and presented the opportunity for a new owner to continue the progress made on the properties by re-syndicating the assets under the LIHTC program.
“As the neighboring communities of Washington, D.C., continue to develop, providing affordable housing options are crucial. The properties will continue to operate under the LIHTC program and will be renovated and maintained for affordability for years to come,” said Tangney, in prepared remarks.
Images courtesy of Yardi Matrix
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