• MAREJ

Greysteel arranges the $4.5M sale of a 28-unit multifamily


WASHINGTON, DC — Greysteel has arranged the sale of Colorado Gardens, a 28-unit multifamily property located at 5759-5761 13th St. NW. Greysteel managing director, W. Kyle Tangney and director, Herbert Schwat, of the company’s DC office represented the seller and solely procured the buyer. The property sold for $4.475M. Built in 1940, Colorado Gardens is a 4-story building made up of 28 units with a mix of studio, 1 bedroom and 2 bedroom apartments averaging 564 s/f in size. The property was well-maintained yet offered significant value-add potential by leasing vacant units at a rental premium following minor in-unit aesthetic upgrades. “The 16th Street Heights and Brightwood neighborhoods have attracted significant investor attention in recent years because of their proximity to core NW Washington, DC” said Tangney. “The level of professionalism demonstrated by all parties allowed us to close the transaction with minimal COVID-19 related delays and no adjustments.”


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