M id A tlantic Real Estate Journal — Owners, Developers & Managers — February 2023 — 9A
www.marej.com
O wners , D evelopers & M anagers Tangney and Schwat negotiate transaction Greysteel arranges the sale of The 16th Street Portfolio
W ASHINGTON, DC – Greysteel has ar- ranged the sale of a
six-property portfolio con- sisting of 362 multifamily units located in Northwest Washington, DC. The proper- ties consist of Barclay (1616 16th St NW) and Ravenel (1610 16th St NW), which closed earli- er this year; Park Meridi- an (2637 16th St NW) closed
Kyle Tangney
Northwest Washington, DC portfolio
at J.P. Morgan in this high-pro- file, successfully executed core investment. This was really a win-win-win for the sellers, the buyers, and the tenants; four of the properties will be preserved as affordable housing, and the remaining two will be improved based on resident input.” said Tangney and Schwat in a joint statement. “These assets attracted a tremendous amount of activ- ity while on market and all successfully transacted at full price, demonstrating the con- tinued strength and desirabil- ity of core Washington, D.C. submarkets throughout market disruptions such as COVID-19 and ongoing interest rate/capi- tal market volatility.” MAREJ
by J.P. Morgan Asset Man- agement . The six properties were sold to four different buy- ers, including three properties to local non-profit affordable housing provider Jubilee Hous- ing. Four of the assets will be preserved as affordable hous- ing. All six properties were sold via an assignment of their respective Tenant Associations (TA) to third-party developers pursuant to the District’s Ten- ant Opportunity to Purchase Act (TOPA). “This was an incredibly com- plex transaction that included six different properties, all with their own individual TOPA pro- cesses. Greysteel is very proud to have represented Van Metre Companies and their partners
Herbert Schwat
in September; Park Marconi (3150 16th St NW), Richman Towers (3055 16th St NW), and Sarbin Towers (3132 16th St NW) closed in early October. Greysteel managing director Kyle Tangney and senior di- rector Herbert Schwat , based in the company’s Mid-Atlantic office, negotiated the transac - tion on behalf of the sellers, Van Metre Companies , and institutional investors advised
Made with FlippingBook - Online catalogs