Greysteel Leads Sale of DC Affordable Community
- Mar 22, 2017
Washington—Greysteel arranged the $14 million sale of Takoma Place, a 105-unit, fully affordable community in Washington, D.C. The investment services firm represented the seller. Greysteel President & CEO Ari Firoozabadi and recently promoted Managing Director W. Kyle Tangney closed the transaction.
According to Yardi Matrix, Tacoma Place last changed hands in 2011, as part of a portfolio sale. Jair Lynch Development Partners acquired the properties from Hercules Real Estate Services. The 2011 transaction also included the 160-unit Mass Place, the 80-unit Brookland Place, the 78-unit Petworth Place and the 59-unit Fort Stevens Place, all fully affordable communities located in Washington.
Situated at 6676 Georgia Ave., NW, the seven-building Tacoma Place was completed in 1953. According to Tangney, the community has been well-maintained and is ready for refurbishments. “This is a great example of a tax credit resyndication play. The buyer will be renovating the property and maintaining affordability for another 30 years,” he said in prepared remarks.
Greystar is handling the management of the property, Yardi Matrix data shows. The four-story brick buildings encompass 10 studios, six one-bedroom and 89 two-bedroom units ranging from 580 to 1,381 square feet. Amenities include grade-level parking, six laundry facilities and elevators. Units have above-standard ceiling heights and feature dual-pane glass and high-speed internet.
Image courtesy of Yardi Matrix