WASHINGTON, DC–Swedish investor Akelius Residential has acquired a two-asset multifamily portfolio in Capitol Hill for $34 million. The seller was Wexford Management and the transaction was brokered by Greysteel's Ari Firoozabadi, W. Kyle Tangney, Rawles Wilcox and Herbert Schwat.
The portfolio consists of Capitol East Apartments, a 120-unit multifamily community located at 518 9th St., NE and 816 E St., NE, and Lexington Apartments, a 48-unit multifamily community located just blocks away at 1114 F St. NE.
This is one of a growing handful of properties that Akelius Residential has acquired in the area.
“They have offices in Boston, New York and Washington DC,” Tangney tells GlobeSt.com. “They have had a concentrated focus recently in our area.”
For instance, Akelius also owns a smaller project on 12th street around the corner from these two properties, which it is in the process of renovating. “So this made a lot of sense for their portfolio since they are seeing a lot of interest on that 12th street project.” The renovation will provide a nice alternative to the super high-end product that has proliferated in these neighborhoods, Tangney added.
“We were able to achieve tremendous pricing and options for our client by highlighting the facts that the properties were irreplaceable since they are located in a low density residential zone on the Hill where development is restricted.”
WASHINGTON, DC–Swedish investor Akelius Residential has acquired a two-asset multifamily portfolio in Capitol Hill for $34 million. The seller was Wexford Management and the transaction was brokered by Greysteel's Ari Firoozabadi, W. Kyle Tangney, Rawles Wilcox and Herbert Schwat.
The portfolio consists of Capitol East Apartments, a 120-unit multifamily community located at 518 9th St., NE and 816 E St., NE, and Lexington Apartments, a 48-unit multifamily community located just blocks away at 1114 F St. NE.
This is one of a growing handful of properties that Akelius Residential has acquired in the area.
“They have offices in Boston,
For instance, Akelius also owns a smaller project on 12th street around the corner from these two properties, which it is in the process of renovating. “So this made a lot of sense for their portfolio since they are seeing a lot of interest on that 12th street project.” The renovation will provide a nice alternative to the super high-end product that has proliferated in these neighborhoods, Tangney added.
“We were able to achieve tremendous pricing and options for our client by highlighting the facts that the properties were irreplaceable since they are located in a low density residential zone on the Hill where development is restricted.”
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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.
