Greysteel Arranges The Sale Of Hanover Courts Located In Washington, DC For $5.45 Million

6/3/17

W. Kyle Tangney

Greysteel, a national commercial real estate investment services firm, has arranged the sale of Hanover Courts, a multifamily community located in Washington, DC for $5.45 million. Greysteel exclusively represented the seller, Hanover Courts Apartments LLC.

This transaction was arranged by Greysteel President & CEO, Ari Firoozabadi; Managing Director, W. Kyle Tangney; Director, Rawles M. Wilcox; Senior Investment Associate, Alicia Orkisz; and Investment Associate, Herbert Schwat; who are all based in Greysteel’s Washington, D.C. office.

Hanover Courts is a 74-unit apartment community built in 1950 and located in the Randle Heights neighborhood, with an address of 2400-2410 Hartford Street, SE Washington, DC. The property is conveniently situated off Suitland Parkway and is in close proximity to the area’s other major thoroughfares, such as Branch Avenue, Alabama Avenue, Pennsylvania Avenue, I-295 and I-495. Residents benefit from numerous bus lines and are within one mile of both the Congress Heights Metro Station and the Naylor Road Metro Station on the Green Line.

The apartments provide residents with ceiling fans, spacious closets, and either hardwood flooring or wall-to-wall carpeting. Common amenities include on-site laundry facilities and off-street parking.

"The seller was able to create tremendous value leading up to our marketing of the property by identifying management efficiencies and demonstrating growing rental revenue,” said Mr. Tangney. “During our marketing process, we highlighted the seller’s proven value add strategy and the surrounding area developments which generated a great deal of interest from the buyer community and resulted is a plethora of offers for the owner to consider. We congratulate both the seller and buyer on the successful transaction."

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with ten offices located in Phoenix, AZ; Los Angeles, CA; Denver, CO; Washington, D.C.; Baltimore, MD; New York, NY; Philadelphia, PA; Dallas, TX; Fort Worth, TX; and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.

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