Iconic Apartment High-Rise in Washington Up for Sale
- Sep 30, 2015
Greysteel’s Mid-Atlantic multifamily investment sales team led by Ari Firoozabadi, John F. Mullen, W. Kyle Tangney, Mike Bediones, Jake Ying, and Alicia Orkisz has been retained as exclusive advisor and agent for the sale of The Rittenhouse Apartments at 6101 16th St. in Northwest Washington, D.C.
The 208-unit multifamily community is conveniently situated in the premier Gold Coast residential neighborhood, along historic 16th Street, one of Washington’s most prominent thoroughfares. Residents here have easy access to the area’s major employers via Rock Creek Parkway, leading to I-495 and I-66. Nearby attractions include the Parks at Walter Reed, the Georgia Avenue Walmart Supercenter, and Downtown Silver Spring.
The property also boasts the largest floor plans in the submarket with units averaging from 158 to 275 square feet. Amenities include a resort-style swimming pool, 24-hour fitness center, luxurious club room, modern business center, and a game room.
According to Greysteel Senior Director John Mullen, this community has tremendous value-add potential, with properties of similar age and size achieving 25 percent higher rents.
“Additionally, several units have been added to the unit count by utilizing unused storage space, which are also exempt from rent control. Those units have been able to achieve rents 36 percent higher than the Property’s in-place average, thus identifying significant unrealized rent potential,” added Mullen.