Greysteel Sells Another Apartment Community in D.C.
- Sep 07, 2015
By Adrian Maties, Associate Editor
Greysteel has arranged the sale of Belmont Crossing—an apartment community located at 4201 7th St. in Washington, D.C.— at an undisclosed price.
The company’s Mid-Atlantic multifamily investment sales team represented the seller, Seventh Street Southeast, L.P., in the transaction. The team included Ari Firoozabadi, John Mullen, W. Kyle Tangney, Lance Ahmadian, Mike Bediones, Jake Ying, and Alicia Orkisz. Belmont Crossing was acquired by Belmont Crossing Apartments LLC.
The multifamily community is located within minutes of the District’s downtown and the Capitol Hill neighborhood, close to numerous federal employment centers. It consists of 25 three-story buildings with a total of 275 units. According to Greysteel, Belmont Crossing operates under the Section 42 Low Income Housing Tax Credit program, which reserves units for residents whose income does not exceed 60 percent of the Area Median Income.
“Ward 8 continues to attract a wealth of development, evidenced by the massive redevelopment of St. Elizabeths and the proposed mixed-use transformation of the Congress Heights Metro Station,” Senior Director John Mullen said in a statement. “As cost of living in the neighborhood increases, Belmont Crossing will continue to be a haven for affordable living. We applaud both buyer and seller in their commitment to providing affordable housing and participating in the exciting evolution of this community.”
Photo credit: Greysteel