Greysteel sells 90-unit prop. in NE Washington DC for $13.7M
WASHINGTON, DC — Greysteel has arranged the sale of Glenwood Apartments, a 90-unit multifamily property, located in Washington, DC, for $13.7 million. Greysteel president & CEO, Ari Firoozabadi; managing director, W. Kyle Tangney; director, Herbert Schwat; and investment associate, Dutch Seitz, from the firm’s Washington, DC office sold the property on behalf of the seller, Stonebridge Investments. Built in 1942, the 90-unit Glenwood Apartments is located at 2315-2321 Lincoln Rd. NE Washington, DC. The property presented an attractive value-add opportunity where the seller had invested more than $1.5 million in upgrades to lobbies, hallways, leasing office, courtyard with grilling areas, dog park and 37 units prior to the sale. New ownership has the potential to continue along this renovation business plan along while utilizing lower level space not currently in use.