Revamped DC Community Trades for $14M
- Feb 17, 2020
Stonebridge Investments has sold Glenwood Apartments, a 90-unit property in Washington, D.C., for $13.7 million. According to Yardi Matrix, NOVO Properties is the new owner. Greysteel represented Stonebridge in the transaction—the seller acquired the community in 2014 for $6.9 million, Yardi Matrix shows.
Completed in 1942, the two-building property comprises one- and two-bedroom units. The seller has invested more than $1.5 million in capital improvements, which include upgrades to the lobbies, hallways, the courtyard and several apartments. According to Yardi Matrix data, the asset was 98.9 percent occupied as of January.
Located at 2315-2321 Lincoln Road NE, the property is within 2 miles of downtown Washington, D.C., and 7 miles from Ronald Reagan Washington National Airport. The surrounding area has several retail and dining options including the Rhode Island Place Shopping Center, which is 1 mile away.
Greysteel’s team included President & CEO Ari Firoozabadi, Managing Director W. Kyle Tangney, Director Herbert Schwat and Investment Associate Dutch Seitz. Last month, Firoozabadi led a team that facilitated the $10.2 million sale of an affordable senior community in Walkersville, Md.