Worthington Woods
WASHINGTON, DC—Montgomery Housing Partnership has acquired a garden-style apartment community in Washington, DC called Worthington Woods. The 394-unit property traded for $37 million.
Greysteel's Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Henry Mathies and Dutch Seitz, of the company's Washington, DC office, sold the property on behalf of the seller, WCSmith and Aldon Torch.
Worthington Woods is located at 4419 3rd St, SE. Constructed in 1944, Worthington Woods was fully placed-in-service under the Section 42 Low Income Housing Tax Credit (LIHTC) program in 2002 and reserves units for residents whose income does not exceed 60% of the Area Median Income (AMI).
Tangney says that Worthington Woods was one of Washington DC's most significant tax credit acquisition/rehab opportunities.
The property is close to Joint Base Anacostia-Bolling, Andrews Air Force Base, MGM National Harbor, and Suitland Federal Center.
Since the beginning of 2019, Greysteel's Washington, DC office has sold 839 multifamily units totaling $82 million in DC Wards 7 & 8, according to Tangney.
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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.
