16A — March 2024 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com O wners , D evelopers & M anagers American Housing purchases four properties Greysteel facilitates sale of NW DC portfolio for $48.12M
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W ASHINGTON, DC — Greysteel has completed the sale of the NW DC Portfolio for an aggregate price of $48.12 million, representing more than 100% of the asking price. The four-property portfolio included the following sales: • 3654 New Hampshire Ave NW, a 28-unit apartment building located in Petworth, which closed in August 2022, for $6.552 million. • Newton Towers, a 56- unit apartment building located at 1435 Newton St. NW in Columbia Heights, closed in March 2023 for $13.104 million. • The Park Regent, a 96-unit apartment building located at 1701 Park Rd. NW in Mount Pleasant, closed in Decem - ber 2023 for $19.968 million • 1126 11th St. NW, a 43- unit apartment building locat - ed in Penn Quarter, closed in Feb. 2024 for $8.496.8 million. Greysteel represented the sellers, DC-based Real Estate investors who owned and oper - ated the properties for decades. The purchaser is American Housing , a local company whose business plan is to pro -
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Newton Towers
vide high-quality affordable housing by extensively reno - vating the properties, placing income-restricted affordability covenants, and in some cas - es, providing rent-subsidized housing. All four sales were completed separately through the District's Tenant Opportu -
nity to Purchase Act (TOPA). “The sale of this portfolio at above its full asking price de - spite capital markets turmoil underscores the continuing demand for well-located as - sets in NW Washington, D.C.” said managing director Herb Schwat . MAREJ
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