Vacant, New Columbia Heights Apartment Complex Sold For $2M
DC-based Dila Development & Construction has bought an eight-unit Columbia Heights apartment complex for $2M.
The Oaks, at 1447 Oak St NW, was completely renovated in 2013 and has remained vacant ever since. Greysteel brokered the sale.
The Greysteel brokers who arranged the sale, Kyle Tangney and Herbert Schwat, say they marketed it as ideal for a 1031 exchange, which allows investors to defer paying capital gains taxes.
“During our marketing process, we focused heavily on the superior condition of the property and the fact that it was the ultimate 1031 execution for a prospective buyer,” Kyle said in a release. “Multifamily 1031 executions in DC are incredibly difficult due to the Tenant Opportunity to Purchase Act. By highlighting the property’s vacancy, we were able to generate phenomenal interest which allowed the owner to execute a...transaction with someone in a 1031 situation.”
