M id A tlantic Real Estate Journal — Owners, Developers & Managers — Property Management — January 27, 2017 - February 9, 2017 — 17B P roperty M anagement
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ashington, DC — Greysteel ar- ranged the sale of Firoozabadi, Tangney, Wilcox, Orkisz & Schwat negotiate transaction Greysteel arranges the sale of the Manor at Blair Park in Washington, DC for $2.3 million W seller, Frontier Financial LLC, and procured the buyer.
units averaging 1,140 s/f. The seller made significant capital improvements to the property including fresh paint to all interior hallways, new tile flooring, new exterior siding, new signage, and a repaved parking lot. “Marina Point was extreme- ly popular with private inves- tors seeking a ‘70s vintage value-add opportunity,” said Wilcox. “Investors were at- tracted by the opportunity to continue execution began by the previous owner of an in- terior renovation plan to add value.” n
This transaction was also arranged by Firoozabadi, Tangney, Wilcox, Orkisz and Schwat. IdLocated along the banks of the Elizabeth River, Marina Point is a garden-style multi- family community comprised of 13 two-story buildings total- ing 104 units. The Property offers a market friendly mix of 36 one-bedroom units averag- ing 775 s/f, 52 two-bedroom- one-bathroom units averaging 957 s/f, and 16 three-bedroom- one-and-one-half-bathroom
TheManor at Blair Park, a multifam- ily property l o c a t e d i n W a s h i n g - ton, DC for $2.3 million. G r e y s t e e l represented
W. Kyle Tangney
the seller, J G Investments Co. This transaction was ar- ranged by Greysteel co-found- er, Ari Firoozabadi ; senior director , W. Kyle Tangney; director, Rawles Wilcox ; and investment associates, Alicia Orkisz and Herbert Schwat ; who are all based in the com- pany’s Washington, D.C. office. This trade is Greysteel’s 10th closing north of the Petworth Metro station and east of 16th Street in Northwest Washing- ton, DC, which comprises over 50% of all trades and 70% of all brokered transactions. The property is well-posi- tioned in the midst of various transformative new develop- ments including the former site of The Parks at Walter Reed, which will total more than 250,000 s/f of retail space, office space, and a hotel. Less than a mile north of The Manor at Blair Park, The Blairs now offers 450,000 s/f of retail space, 2,800 units, and abun- dant open public green space. “We have seen a substantial uptick in investor appetite and pricing for value-add multi- family product located at the northern tip of Washington, D.C. and property owners in these markets are capitalizing on that interest,” said Tang- ney. “There is a national and international buyer pool com- peting for these transactions today along with the already established regional groups who own properties in the area. During our marketing campaign, that expansive in- vestor appetite was evidenced by over 30 completed tours and more than 10 offers. We believe that this submarket of the D.C. area will continue to experience positive growth as surrounding development af- fects forward looking projects,” he added. In a second transaction, Greysteel has arranged the sale of Marina Point, a mul- tifamily property located in Chesapeake, VA for $6.35 mil- lion. Greysteel represented the
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