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High-Net Worth Buyers Drive Price Appreciation on Georgia Ave.

WASHINGTON, DC—We have seen an appreciation of property values of 20% over the last year, Greysteel's W. Kyle Tangney tells GlobeSt.com.

By Erika Morphy | erikamorphy | | Updated on April 27, 2016
The Sheperd The Sheperd
WASHINGTON, DC— The Sheperd, located at 7436 Georgia Ave., NW, has traded for $1.63-million. The three-story apartment building is another example of the price appreciation that has characterized smaller apartment buildings in the District’s older neighborhoods, such as Petworth. For example, one of the brokers of the deal, Senior Director of Greysteel’s Mid-Atlantic multifamily investment sales team W. Kyle Tangney, told GlobeSt.com that the apartment building immediately adjacent to the Sheperd traded in the latter part of 2014 at just north of $1 million, a differentiation of 24%, he estimates. That building was larger than the three-story Sheperd, which consists of one studio apartment, 11 one-bedrooms units and three two-bedroom units. Ari Firoozabadi, Rawles M. Wilcox, Alicia Orkisz, and Herbert Schwat of Greysteel also worked on the deal. The seller was a partnership out of Pennsylvania. The buyer is a local group of high net worth individuals. “The market along Georgia Ave., north of Walter Reed, has gained a lot of interest from private, smaller investors,” Tangney said. The new owners of the Sheperd see their investment as a value add play, with plans to make modest improvements to the units and possibly a greater renovation down the road.

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