REBusinessOnline

Greysteel Negotiates Two Sales of Apartment Communities in D.C. Totaling $21M

Urban Investment Partners acquired The Waring (pictured) and The Regent in Washington, D.C.

WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million.

The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms.

The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.

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