Jair Lynch Development Partners sell Washington D.C. multifamiliy asset for $6.6m

Jair Lynch Development Partners sell Washington D.C. multifamiliy asset for $6.6m

Published at: 2016-11-30 15:14 | Author: CIJ USA
Jair Lynch Development Partners has disposed of an affordable multifamily property located in Northeast Washington, D.C., for $6.6 million. The new owner is Wesley Housing Development Corp. Brookland Place, was built in 1950 and is composed of twelve three-story buildings totaling 80 one-bedroom units. Located at 617 Hamlin Street, NE, the property is situated near Catholic University in the heart of the Brookland neighborhood. The apartment complex is within walking distance of two Metro stations and in close proximity to the mixed-use Monroe Street Market. National commercial real estate investment services firm Greysteel represented the seller during the transaction.

“Brookland Place was Wesley Housing Development Corporation’s first acquisition in the District and was acquired in partnership with the tenant association through the District’s Tenant Opportunity to Purchase Act (TOPA),” said Alicia Orkisz, Greysteel. “Wesley will preserve the community’s affordability and received for construction/permanent financing from DHCD for a substantial rehab and a secondary loan from Enterprise Community Partners, Inc,”

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