Greysteel Tapped as Advisor and Agent for DC Community
- Oct 14, 2016
By Carmen Horghidan
Washington, D.C.—Greysteel has been appointed exclusive advisor and agent by Ramg Properties for the sale of a 12-unit multifamily property in Washington, D.C. The community is a part of Northeast Washington’s Woodbridge neighborhood. Greysteel Co-Founder, Ari Firoozabadi, Senior Director Kyle Tangney, Director Rawles Wilcox, Investment Associates Alicia Orkisz and Herbert Schwat of the Company’s Washington, D.C. office, are marketing the property.
Located at 1900 Irving St., NE, the community occupies a 12,316-square-foot parcel and offers 9,420 square feet of rentable space. The three-story building consists of 12 two-bedroom, one-bathroom units that each feature their own balcony. Built in 1968, the property was recently upgraded, offering value-add and rent growth potential in the area.
Situated in a growing submarket, the property is in close proximity to Monroe Street Market, Rhode Island Row, Burroughs Education Campus, Brooks Row and the upcoming Rhode Island Center, one of the District’s largest projects. Residents also have easy access to transportation options such as Rhode Island Avenue NE/Route-1 and Rhode Island Avenue Metro.
The residential building at 1900 Irving St. is a “diligently well-maintained asset on Irving Street NE, less than one block north of the rapidly developing Rhode Island Avenue Corridor. Our client has completed full unit renovations to 75 percent of the Property, thus allowing new ownership the opportunity to immediately realize returns on investment with very little immediate capital expenditures necessary,” Herbert Schwat, investment associate of Greysteel’s Washington office, said in a prepared statement.
Image courtesy of Greysteel