RLP Investments Acquires DC Multifamily Portfolio
The company plans to renovate the portfolio’s four properties, which are located in a qualified Opportunity Zone.
WASHINGTON DC – RLP Investments LLP has acquired a four-building, 51-unit multifamily portfolio in Washington DC.
Situated 10 miles East of downtown Washington DC, the properties comprise 36,324 square feet of multifamily space, located at 711 49th St. NE, 719 49th St. NE, 5128 Sheriff Rd NE and 5134 Sheriff Rd NE.
Serving as the exclusive financial advisor to RLP Investments in the transaction, Brown Gibbons Lang & Co. secured the acquisition financing on behalf RLP Investments. MainStreet Bank provided the financing for the acquisition and renovation of the properties.
RLP Investments intends to spend $2 million to renovate the properties. The renovations will include a complete interior upgrade to each unit and the addition of five units throughout the properties.
Upon the upgrades, the units’ average rental rates are expected to be 2.5 times higher than the current rates; averaging $1,940 per month or $2.72 per square foot on a 713-square-foot.
All of the properties are located in a federally certified Opportunity Zone. The buildings also accept incentives from the Housing Choice Voucher Program, which helps eligible tenants with rental assistance.
“BGL was able to help secure the acquisition financing in a very quick and efficient manner, as they stepped in when a prior advisor was not able to secure financing,” states RLP Investments’ managing member, Mikhail Phillips. “BGL did a fantastic job and we were very pleased with the outcome.”
BuckmanLegal PLLC’s Steven M. Buckman represented the developer in the transaction.