Greysteel, a national commercial real estate investment services firm, has arranged the sale of a six-property portfolio consisting of 362 multifamily units located in Northwest Washington, D.C.
The properties consist of Barclay (1616 16th St NW) and Ravenel (1610 16th St NW), which closed earlier this year; Park Meridian (2637 16th St NW) closed in September; Park Marconi (3150 16th St NW), Richman Towers (3055 16th St NW), and Sarbin Towers (3132 16th St NW) closed in early October.
Greysteel Managing Director Kyle Tangney and Senior Director Herbert Schwat, based in the company’s Mid-Atlantic office, negotiated the transaction on behalf of the sellers, Van Metre Companies, and institutional investors advised by J.P. Morgan Asset Management. The six properties were sold to four different buyers, including three properties to local non-profit affordable housing provider Jubilee Housing. Four of the assets will be preserved as affordable housing. All six properties were sold via an assignment of their respective Tenant Associations (TA) to third-party developers pursuant to the District’s Tenant Opportunity to Purchase Act (TOPA).
“This was an incredibly complex transaction that included six different properties, all with their own individual TOPA processes. Greysteel is very proud to have represented Van Metre Companies and their partners at J.P. Morgan in this high-profile, successfully executed core investment. This was really a win-win-win for the sellers, the buyers, and the tenants; four of the properties will be preserved as affordable housing, and the remaining two will be improved based on resident input.” said Senior Managing Director Kyle Tangney and Senior Director Herb Schwat in a joint statement.
“These assets attracted a tremendous amount of activity while on market and all successfully transacted at full price, demonstrating the continued strength and desirability of core Washington, D.C. submarkets throughout market disruptions such as COVID-19 and ongoing interest rate/capital market volatility.”
About J.P. Morgan Global Alternatives
J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than 50 years as an alternative’s investment manager, US$208 billion in assets under management, and more than 800 professionals (as of June 30, 2022), J.P. Morgan offers strategies across the alternative investment spectrum including real estate, private equity, private credit, hedge funds, infrastructure, transportation, timber, and liquid alternatives. Operating from offices throughout the Americas, Europe, and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources, and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information, visit jpmorgan.com/am
About Greysteel
Greysteel is a leading commercial real estate and capital markets services firm. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. Our platform optimizes options for our clients by providing end-to-end investment services, from sales and financing to research and investment planning. Strategically located across offices nationwide, Greysteel has established broad market coverage from coast-to-coast. www.greysteel.com
