Real Estate Journal — Owners, Developers & Managers — April 26 - May 9, 2019 — 7B
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M id A tlantic
O wners , D evelopers &M anagers Oak Park Apartments is located in Washington, DC Greysteel arranges sale of 108- unitmultifamilytotaling$11.34M W ASHINGTON, DC — Greysteel has arranged the sale
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of Oak Park Apartments, a 108-unit multifamily community i n S o u t h - west Wash- ington, DC. Greysteel president &
W. Kyle Tangney
CEO, Ari Firoozabadi ; managing director, W. Kyle Tangney ; director, Herbert Schwat ; senior investment associate, Christian Alves and investment associate, Dutch Seitz all based out of the firm’s Washington, DC office sold the proper- ty on behalf of the owner, NOVO Properties and solely procured the buyer, SOLID Properties. The Property sold for $11.34 million which equates to $105,000 per unit. Oak Park Apartments is a unique garden-style mul- tifamily community. SW, Washington, DC The prop- erty is nearly 70% two- and three-bedroom units with an average unit size of 747 s/f. Recent unit improvements included upgrades to cabi- nets, countertops, appliances, and bathrooms upon turn- over. Stainless steel-style appliances and dishwashers, six panel interior doors, indi- vidually controlled heat and A/C are just some of the at- tractive unit interior features that appeal to residents. Oak Park’s location in Southwest Washington, DC., is immediately off Rte. 210 and provides direct access to I-495 and essential grocery and retail at the Eastover Shopping Center less than a half mile away. “Through our marketing process we were able to fo- cus the buyer community’s attention on the value add potential not captured yet by the current owner, while highlighting the competitive advantage the community featured over its comparable set along with the extensive work completed by man- agement over the years,” said Tangney. “It was a true pleasure to have represented NOVOProperties and to have provided themmultiple offers with varying degrees of very competitive executions from each group.”
Oak Park Apartments
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