Tuesday, October 27, 2009

HFF closes sale of and arranges financing for two Washington, D.C. multi-housing communities

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged acquisition financing for 5100 Connecticut Avenue Northwest and 2620 16th Street Northwest, multi-housing communities totaling 92 units in Washington, D.C.

Directors Alan Davis (top right photo) and Dave Nachison  (middle left photo) led the HFF investment sales team on behalf of a court appointed receiver. Gelman Management Company purchased 5100 Connecticut Avenue Northwest and 2620 16th Street Northwest for a combined $8.35 million.

Gelman Management Company retained HFF director Dan McIntyre to secure $5.804 million of acquisition financing through Fannie Mae’s DUS Loan Program on their behalf.

5100 Connecticut Avenue Northwest was built in 1962 and is located along Connecticut Avenue in the Friendship Heights/Chevy Chase area of northwest Washington, D.C. The property has 42 studio and one-bedroom units averaging 350 square feet each as well as a 680-square-foot commercial suite occupied by a dentist. On-site amenities include community laundry and 14 parking spaces.

2620 16th Street Northwest was built in 1965 and is situated in the North Dupont/Adams Morgan area of northwest Washington, D.C. The nine-story property has 49 studio and one-bedroom units averaging 375 square feet each, on-site laundry and 16 parking spaces.

“Both of these properties are located in well established neighborhoods of Washington, D.C. that continue to see strong multi-housing demand, low vacancy levels and tremendous fundamentals,” said Davis.

“Opportunities to purchase high-quality, vintage high-rise buildings like these do not present themselves in D.C. very often and with maximum rent increases in rent-controlled buildings capped at 6.8% this year, investors are seizing the opportunities and demand is very strong,” added Nachison.


Alan M. Davis, HFF Director, (202) 533-2508, adavis@hfflp.com
David R. Nachison, HFF Director (202) 533-2536, dnachison@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

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