W. Kyle Tangney
Greysteel, a national commercial real estate investment services firm, has arranged the sale of Fort Stevens Place, an affordable multifamily property located in Washington, D.C., on behalf of Jair Lynch Real Estate Partners.
This transaction was arranged by Greysteel President, Ari Firoozabadi; Senior Director, W. Kyle Tangney; Director, Rawles Wilcox; Investment Associate, Alicia Orkisz; and Junior Investment Associate, Herbert Schwat; who are based in the Company’s Washington, D.C. office.
Fort Stevens Place, built in 1952, totals three stories and 59 units. It is surrounded by numerous new developments including the planned mixed-use Beacon Center less than one block away that will total 180,000 square feet of retail, office, and residential space; a Walmart two blocks away on Georgia Avenue; and the upcoming Parks at Walter Reed, one of the largest projects in the city, within a mile away.
The property was renovated and financed through Section 42 Low Income Housing Tax Credits (LIHTC) in 2000 and surpassed its initial compliance period in 2015. Under the current regulatory agreement, Fort Stevens Place houses families who qualify with household incomes lower than 60% of the Area Median Income (AMI). The purchaser, Community Preservation and Development Corporation (CPDC), a non-profit real estate developer dedicated to providing and preserving affordable housing, plans to continue operating Fort Stevens as an affordable community.
“As the city continues to develop rapidly, providing affordable housing solutions is paramount, especially in locations like Fort Stevens,” said Mr. Tangney. “Jair Lynch Real Estate Partners did a remarkable job of improving the property since they acquired it in 2011. We congratulate Jair Lynch Real Estate Partners on the successful sale to CPDC who both strive and execute a much needed purpose in the city,” he added.
Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; and Fort Worth, TX. 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.