6B — February 28 - March 12, 2020 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers Glenwood Apartments on behalf of Stonebridge Investments Greysteel sells 90-unit prop. in NEWashingtonDC for $13.7M W ashington, DC — Greysteel has arranged the sale
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of Glenwood Apartments, a 90-unit multifamily property, located in Washington, DC, for $13.7 million. Greysteel president & CEO, Ari Firoozabadi ; managing director, W. Kyle Tangney ; director, Herbert Schwat ; and investment associate, Dutch Seitz , from the firm’s Washing- ton, DC office sold the property on behalf of the seller, Stone- bridge Investments . Built in 1942, the 90-unit Glenwood Apartments is lo-
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Glenwood Apartments
cated at 2315-2321 Lincoln Rd. NE Washington, DC. The property presented an at- tractive value-add opportunity where the seller had invested
more than $1.5 million in up- grades to lobbies, hallways, leasing office, courtyard with grilling areas, dog park and 37 units prior to the sale. New ownership has the potential to continue along this renova- tion business plan along while utilizing lower level space not currently in use. “Assets in emerging neigh- borhoods throughout the DC MSA continue to garner atten- tion from the buyer community that see the long term vision from high net worth individu- als to family offices and those groups not based here locally” said Tangney. “Stonebridge Investments had the foresight of the coming change in this market along with the already established nearby economic drives at MedStar Washington Hospital Center and the Catho- lic University of America when they purchased this property. They added significant value through their renovation pro- gram that we highlighted in our marketing effort along with the continued adjacent devel- opment, which ultimately re- sulted in a number of offers and a straight forward transaction with a strong purchaser.” Mendinsky to helm HRG’s Land Development Group Nichole Mendinsky has been promoted to practice area leader of the land development
service group at Herbert, Rowland & Grubic, Inc. (HRG) . She wi l l be re - sponsible for the group’s v i s i on and strategy, staff
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