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Belmont Crossing Closes After 50% Price Appreciation

WASHINGTON, DC—The District's Opportunity to Purchase Act kept the deal on hold for more than 18 months as the tenants decided what they wanted to do, Greysteel's multifamily investment sales team head Ari Firoozabadi tells GlobeSt.com's Erika Morphy.

By Erika Morphy | Updated on September 02, 2015

WASHINGTON, DC—Belmont Crossing, a 275-unit apartment building at 4201 7th St., SE, has closed, selling for $13.5 million. If that price seems, well, 2014ish, that is because it is.

The property, owned by a JV between Kettler and Boston Capital, went under contract more than a year ago. The transaction was then put on hold as the tenants exercised their rights under the District’s Opportunity to Purchase Act. Ultimately their efforts to purchase the building did not work out and the sale reverted back to the original buyer, a private investment company in DC that has a large footprint in this submarket.

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