WASHINGTON, DC—As development picks up in and around DC's Brookland submarket, some property sellers are becoming bullish about the prices they might be able to fetch.
One example is the Franklin Street Apartments, a two-story, 76-unit building located at 315-325 Franklin St., NE, and built in 1939 that is about to be listed for sale. Greysteel's Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox, Alicia Orkisz,and Herbert Schwat have been retained as the agent for the sale.
Talk is that the broker is hoping to see the property trade for $10 million** or thereabouts, which is ambitious but in the realm of possibility given the price appreciation that has been seen in small multifamily properties throughout this part of the District.
Tangney declined to discuss such expectations, noting that the property will listed without a price. But he readily acknowledged that prices are appreciating throughout the District and Brookland is no exception.
“Brookland is coming into its own with a handful of developers that have gone long on this market,” he told GlobeSt.com. The most notable example is MRP Realty's Rhode Island Ave. Center.
“With all of the activity happening locally, we have been receiving more interest from national and even in some cases high-net worth foreign investors.”
This particular deal should do well, he said, as the rents are 28% below similar vintage but improved building rents.
** An earlier version of this article misstated the rumored price. We regret the error.
WASHINGTON, DC—As development picks up in and around DC's Brookland submarket, some property sellers are becoming bullish about the prices they might be able to fetch.
One example is the Franklin Street Apartments, a two-story, 76-unit building located at 315-325 Franklin St., NE, and built in 1939 that is about to be listed for sale. Greysteel's Ari Firoozabadi, W. Kyle Tangney, Rawles M. Wilcox, Alicia Orkisz,and Herbert Schwat have been retained as the agent for the sale.
Talk is that the broker is hoping to see the property trade for $10 million** or thereabouts, which is ambitious but in the realm of possibility given the price appreciation that has been seen in small multifamily properties throughout this part of the District.
Tangney declined to discuss such expectations, noting that the property will listed without a price. But he readily acknowledged that prices are appreciating throughout the District and Brookland is no exception.
“Brookland is coming into its own with a handful of developers that have gone long on this market,” he told GlobeSt.com. The most notable example is MRP Realty's Rhode Island Ave. Center.
“With all of the activity happening locally, we have been receiving more interest from national and even in some cases high-net worth foreign investors.”
This particular deal should do well, he said, as the rents are 28% below similar vintage but improved building rents.
** An earlier version of this article misstated the rumored price. We regret the error.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
