Greysteel Leads Sale Of Pomeroy Gardens in D.C.

Greysteel has arranged the sale of Pomeroy Gardens, a 60-unit, garden-style apartment community located in the city’s Buena Vista neighborhood.

Washington, D.C.Greysteel, a local real estate investment services firm, has closed on the sale of a 60-unit, garden-style community in Washington, D.C.

Greysteel Senior Director W. Kyle Tangney

W. Kyle Tagney, Senior Director, Greysteel

Called Pomeroy Gardens, the property is located off Suitland Parkway in the Buena Vista neighborhood. The five-building community comprises 50 two bedroom-one bathroom units and 10 two bedroom-one bathroom units with dens.

The property offers easy access to major employers at the Suitland Federal Center, Joint Base Anacostia-Boiling, Washington Navy Yard, and Andrews Air Force Base. Significant new developments in the neighborhood include the upcoming headquarters of the Department of Homeland Security at Saint Elizabeth’s Hospital and Skyland Town Center.

Greysteel’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi, W. Kyle Tangney, Mike Bediones, Alicia Orkisz, Herb Schwat, and Phil Tilly served as exclusive advisor and agent in the disposition of the community to Pomeroy Gardens L.P.

“Pomeroy Gardens received tremendous attention from both the affordable housing and market-rate buyer communities due to its Section 42 Low Income Housing Tax Credit (LIHTC) eligibility and substantial upside in revenue potential,” Greysteel Senior Director W. Kyle Tangney said in prepared remarks.

He added that the property was ultimately acquired by an affordable housing provider planning substantial improvements to the asset. “The buyer is seeking favorable financing support available through various city and federally sponsored programs in exchange for placing specific affordability covenants on the property.”

Image courtesy of Greysteel