February 19, 2020
National commercial real estate investment services firm Greysteel has arranged the $13.7 million sale of Glenwood Apartments, a 90-unit apartment property in Washington D.C.’s Edgewood neighborhood.
Located at 2315-2321 Lincoln Road NE, the property was built in 1942. The community consists of a mix of studio, one and two-bedroom units. Amenities include a courtyard, package services, dog park and a grilling area.
Ari Firoozabadi, Kyle Tangney, Herbert Schwat and Dutch Seitz of Greysteel represented the seller, Stonebridge Investments, in the transaction. Stonebridge recently invested $1.5 million to upgrade the community prior to the sale.
“Assets in emerging neighborhoods throughout the D.C. metro continue to garner attention from the buyer community that see the long-term vision, from high net worth individuals to family offices and those groups not based here locally,” said W. Kyle Tangney, managing director at Greysteel. “Stonebridge had the foresight of the coming change in this market, along with the already established nearby economic drives at MedStar Washington Hospital Center and the Catholic University of America when they purchased this property.
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