Fort Washington’s Henson Creek Manor to Go on Market
- Jan 28, 2015
By Adrian Maties, Associate Editor
Another Washington, D.C.-area multifamily property is going on the market. The Greysteel Co. announced on Monday that its Mid-Atlantic multifamily investment sales team has been selected as the exclusive advisor and agent for the sale of Henson Creek Manor, a 210-unit affordable community in Fort Washington.
Henson Creek Manor is an expired Low-Income-Housing Tax Credit community, located at 5301 Haras Place, just outside the Capital Beltway. It consists of two phases. Each phase includes 63 two-bedroom units and 42 three-bedroom units.
Phase I was constructed in 1994. It is restricted to residents who earn 60 percent of the area’s median income. The initial compliance period for its 105 units passed in 2009, with the extended-use agreement surviving until 2024. Phase II was constructed in 1998, with 50 percent area median income restrictions. Its 105 units passed the initial compliance period in 2013, with the extended-use agreement surviving until 2054.
Humphrey Real Estate Holdings, the owner of Henson Creek, did not disclose how much it wants for the property. According to PropertyShark, the multifamily community’s current market value is about $6.4 million, and it last changed hands in 1996 for a little over $1 million.
Photo credit: hensoncreekmanorapartments.com