WASHINGTON, DC–The Manor at Blair Park, a 21-unit apartment building built in 1937, recently traded for $2.3 million. The tenants of the property acquired the three-story building from JG Investments Cos. through the Tenant Opportunity to Purchase Act (TOPA) process after intense bidding that included buyers with access to foreign capital, Greysteel's Senior Director, W. Kyle Tangney tells GlobeSt.com.
Tangney, along with Ari Firoozabadi, Rawles M. Wilcox, Alicia Orkisz and Herbert Schwat, represented the seller in the deal.
Some 30 tours of the property were conducted during the marketing campaign and the then-owner ultimately received more than 10 offers.
“There were more than a few bidders that had access to foreign capital,” Tangney says. “What interested them was that this building is very close to the large-scale redevelopment and repositioning of the Walter Reed Hospital.”
The Manor at Blair Park, which is located at 7440 Georgia Ave., NW, also had the advantage of being in the rapidly-developing Shepherd Park submarket and in the general vicinity of North Petworth, Brightwood Park and the 16th Street Heights — all areas of the District that are undergoing revitalization now.
“We have seen a substantial uptick in investor appetite and pricing for value-add multifamily product located at the northern tip of Washington DC and property owners in these markets are capitalizing on that interest,” Tangney says.
WASHINGTON, DC–The Manor at Blair Park, a 21-unit apartment building built in 1937, recently traded for $2.3 million. The tenants of the property acquired the three-story building from JG Investments Cos. through the Tenant Opportunity to Purchase Act (TOPA) process after intense bidding that included buyers with access to foreign capital, Greysteel's Senior Director, W. Kyle Tangney tells GlobeSt.com.
Tangney, along with Ari Firoozabadi, Rawles M. Wilcox, Alicia Orkisz and Herbert Schwat, represented the seller in the deal.
Some 30 tours of the property were conducted during the marketing campaign and the then-owner ultimately received more than 10 offers.
“There were more than a few bidders that had access to foreign capital,” Tangney says. “What interested them was that this building is very close to the large-scale redevelopment and repositioning of the Walter Reed Hospital.”
The Manor at Blair Park, which is located at 7440 Georgia Ave., NW, also had the advantage of being in the rapidly-developing Shepherd Park submarket and in the general vicinity of North Petworth, Brightwood Park and the 16th Street Heights — all areas of the District that are undergoing revitalization now.
“We have seen a substantial uptick in investor appetite and pricing for value-add multifamily product located at the northern tip of Washington DC and property owners in these markets are capitalizing on that interest,” Tangney says.
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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.
