M id A tlantic Real Estate Journal — Owners, Developers & Managers — July 24 - August 13, 2020 — 5C
www.marej.com
O wners , D evelopers & M anagers
ASHINGTON, DC — Greysteel , a na- tional commercial Firoozabadi, Tangney and Schwat represent seller Greysteel arranges the $12.5 Million sale of a 38-unit multifamily property in DC W
tential investors and received a great deal of interest,” said Tangney. “The fact that the property had benefited from a substantial renovation pro- gram, was individually deeded as condominiums, and was located immediately off one of DC’s premier retail corridors prompted international inter- est. We know the buyer will have great success with the property and it was a true pleasure representing owner- ship.” • The Regent, a 37-unit multifamily property located at 2517 Mozart Pl NW in the
Adams Morgan neighborhood of Northwest Washington, DC. Greysteel arranged sale of The Regent, a 37-unit mul - tifamily property located at 2517 Mozart Pl NW in the Adams Morgan neighborhood of Northwest DC. Firoozabadi, Tangney and Schwat represented the seller and solely procured the buyer. The property sold for $8.45 million. Built in 1937, The Regent is a four-story building made up of 37 units with a mix of studio, one bedroom and two bedroom apartments averag-
ing 732 s/f in size. The prop - erty was well maintained yet offered significant value- add potential to upgrade the apartments and improve the rents, similar to several other completed projects in the prop- erty’s immediate vicinity. The Regent’s location offers excellent resident access to amenities including the 18th St. NW corridor, Columbia Rd. NW, and downtown Columbia Heights. The location and value-add nature of the op- portunity yielded an immense amount of interest from the in- vestment community. MAREJ
real estate investment services firm arranged the sale of two Washington, DC proper- ties: • TheWar - ing, a 38-unit multifamily property lo- cated at 1433 T St. in the U Street Cor - ridor neigh- borhood of No r t hwe s t Washington, DC. Greysteel p r e s i d e n t & CEO Ari Firoozaba- di , manag- ing director, W . K y l e T a n g n e y and d i rec - tor, Herbert
The Waring
Ari Firoozabadi
The Regent
W. Kyle Tangney
Herbert Schwat
Schwat , of the company’s Washington, D.C. office rep - resented the seller and solely procured the buyer. The prop - erty sold for $12.5 million. Built in 1909, The Waring is three-story building made up of 38 units, a mix of studio, one bedroom and two bedroom apartments with an average unit size of 573 s/f. The recent, full-scale property renovation improved unit interiors to class A, condo-quality finishes. “The Waring was a really exciting project where we were able to highlight a wide variety of business executions for po- “constructed to stand the test of time” from an infrastruc- ture perspective, there exists significant challenges based on changing technologies and the ability to find parts for sys - tems conceived more than half a century ago. Proper evalu - ation, planning and patience are required in all phases of the program. Christina Martin is direc- tor of property manage- ment and Shaun Comer is director of engineering of the Edge Property Services Group. MAREJ Maneuvering the complexities of . . . continued from page 2C
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