Greysteel, a national commercial real estate investment services firm, has arranged the sale of Longfellow Terrace, a 41-unit Multifamily Property in Washington, D.C. Senior Associate Michael Murray, Senior Managing Director Kyle Tangney, Managing Director Herb Schwat and Senior Director Nigel Crayton who are based in the company’s Washington Office, represented the seller Longfellow Terrace LLC.
Longfellow Terrace is a 41-unit community located immediately south of Downtown Silver Spring, Maryland, in the Northwest D.C. neighborhood of North Petworth. The property is in the heart of the transforming retail corridors along upper Georgia Avenue, Kennedy Street, upper and central 14th Street, Upshur Street, and 9th Street. Millions of dollars have been invested into corridor streetscape, infrastructure improvements, and curb appeal, and this sale represents a continuation of such investments in the local area and the modernization of legacy-owned apartment communities.
Several significant developments encircle the property – most notably, The Parks at Walter Reed. Development will feature 130,000 square feet of retail space, 325,000 square feet of office space, and a brand-new hotel/conference center. Residents surrounding this development will benefit from the arrival of new grocery stores, such as Whole Foods Market, the arrival of an International Charter High School and Middle School, and access to outdoor amenities such as dog parks and playgrounds located on the grounds. The Longfellow Terrace community is a crucial example of neighbors who will be the direct beneficiaries of this development.
The purchaser worked with the residents prior to closing to plan to implement a much-needed renovation of the property while preserving affordable housing. Existing and future residents will take advantage of upgraded building systems, in-unit amenities, and enhanced security systems.
“This was a fantastic way to end 2023, especially given the challenges presented by the volatility in the capital markets this past year”, said Senior Associate Michael Murray. “With rates moving more than 100bps from contract execution to close, we were pleased to have been able to preserve the full value of the contract price for our client, the seller, by efficiently coordinating and effectively communicating with transaction stakeholders.”
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Greysteel is a leading commercial real estate and capital markets services firm with 16 offices located in Austin, TX; Baltimore, MD; Bentonville, AR; Charlotte, NC; Chapel Hill, NC; Columbus, OH; Dallas, TX; Los Angeles, CA; Miami, FL; Nashville, TN; New Orleans, LA; Newport Beach, CA; New York, NY; Orlando, FL; Philadelphia, PA; and Washington, D.C. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital, middle-market, and institutional real estate assets. www.greysteel.com.
