Greysteel Brokers $76.7M Sale of Six-Property Multifamily Portfolio in Northwest D.C.
WASHINGTON, D.C. — Greysteel has brokered the sale of a six-property multifamily portfolio in Northwest Washington, D.C., totaling 362 apartments. The six properties in the portfolio include Barclay, Ravenel, Park Meridian, Park Marconi, Richman Towers and Sarbin Towers. Van Metre Cos. and institutional investors advised by J.P. Morgan Asset Management sold the portfolio to four different buyers for approximately $76.7 million, three of which were sold to local nonprofit affordable housing provider Jubilee Housing. Kyle Tangney and Herbert Schwat of Greysteel represented the sellers in the transaction. Four of the assets will be preserved as affordable housing. All six properties were sold via an assignment of their respective tenant associations to third-party developers pursuant to D.C.’s Tenant Opportunity to Purchase Act (TOPA).