Rare Value-Add Apartments Hit Sales Block
Good news for those looking for a value-add apartment play: A family developer has put a 338-unit portfolio in 26 buildings on the sales block. The buildings haven't left the seller's hands since building the portfolio in the '60s.
Cassidy Turley's Rachel Ley and Chris Doerr have been tapped to market theportfollio in NE, along the East Capitol Street corridor. This morning, Chris told us the portfolio will attract interest as a value-add from both local, national, and even institutional buyers, since occupancy is 100% and rents are extremely low. There's added upside via possible tax credits and the potential to utilize the District's affordable housing programs. Ultimately, though, he says the portfolio will command interest since "it's hard to find 338 value-add units for sale in the District." (What about the PO Boxes in old post office buildings? We hear micro-units are hot.)
