REBusinessOnline

32-UNIT APARTMENT COMPLEX FETCHES $5.1 MILLION

WASHINGTON, D.C. — Washington Residential Fund III, a collaboration between Washington-based Urban Investment Partners and Stonebridge Investments of the Netherlands, has purchased the 32-unit Spring Valley Apartments from a trustee, PNC Bank, for $5.1 million. Built in 1950, the property is located at 4000 ­ – 4016 47th St. N.W. in Washington. The buyer plans to undertake a $450,000 renovation of the property, which will be complete by December. The owners have also started converting four of the apartment's units to condominiums. Jonathan Greenberg of CB Richard Ellis' McLean, Va., office and Bobby Meehling of the firm's Washington office represented the buyer. First Capital Realty's Rick Shinberg and Les Zimmerman represented the seller.

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