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  • Writer's pictureMAREJ

Greysteel arranges the sale of The 16th Street Portfolio

Tangney and Schwat negotiate transaction

Washington, DC – Greysteel has arranged the sale of a six-property portfolio consisting of 362 multifamily units located in Northwest Washington, DC.

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 Tangney and 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.”


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