14A — February 8 - 21, 2013 — Mid Atlantic Real Estate Journal
www.marejournal.com
D el M ar V a
Served as co-broker to the seller Greysteel led by Firoozabadi sells DC apt. community
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ashington, DC — Greysteel, a real estate investment
velopment Corporation on the successful sale of Terrace Manor Apartments to Sanford Capital LLC. This asset which was under-contract for over a year due to the District’s Ten- ant Opportunity to Purchase Act (TOPA) ultimately settled with the original purchaser. “In a market where there can be unconventional transac- tion delays due to TOPA, our transaction team secured a contract for the seller with a committed and proven buyer that went non-refundable on its deposit without a TOPA contingency” said Greysteel’s
director Kyle Tangney. “The contract purchaser was mo- tivated to close the purchase because of the extraordinarily large units in the community – it is comprised of mostly two and three bedrooms. Terrace Manor is also within walking distance to the Giant anchored shopping center, IHOP restau- rant, and Turner Elementary School on Alabama Avenue,” adds Tangney. In other news, The Greysteel Company announced the launch of its Exchange Ser- vices Division, which will be led by industry veteran Gerald “Jerry” Burg . As director of exchange services, Burg will lead a dedicated practice working with Greysteel’s cli- ents and transaction teams on real estate investment plan- ning and wealth preservation through the development and implementation of tax deferred strategies. “This is Jerry’s brainchild and we’re thrilled by his deci- sion to launch it on our plat- form,” said Greysteel CEO, Matt Schwartz . “The conflu- ence of an aging baby boomer population, increasing federal tax burdens and continuing market uncertainty caused by the ongoing fiscal cliff and deficit debates makes this program especially timely and relevant,” Schwartz concluded. “This has been a historically underserved segment of the market,” remarked Burg, who said his varied professional and personal experiences made him “keenly aware of the need for a service exclusively focused on the inter-relationship between long-term personal planning and tax deferred strategies at all stages of the asset lifecycle and transaction continuum.” Prior to joining Greysteel, Burg was managing director and senior vice president at Northmarq Investment Ser- vices and Calkain Companies, and a founding member of the medical office building sales group of a national real estate investment services firm. His experience also includes posi- tions as chief financial officer of Charles E. Smith Manage- ment, chief operating officer of CRI, Inc., and executive vice president of Carey Winston Company’s Management Ac- counting Department. Burg received his MBA from Columbia Business School and his B.A. from Cornell Univer- sity. n
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services firm specializing in multifamily, retail and net leased investment sales and advisory services, served as co- broker to the seller for the sale of Terrace Manor Apartments, a 61-unit garden style apart- ment community located in Southeast Washington, D.C. The Greysteel Company’s multifamily team led by Ari Firoozabadi, John Mullen, Kyle Tangney, Henry Schul- dinger and Caleb Brown congratulates Hastings De-
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