Vanguard Realty's Rick Struse and Cullen O'Grady completed the sale last week of distressed assets Groveland and Belvieu Gardens (pictured) in a complex bank sale involving JP Morgan Chase (so complex that they're not sure how the price will be recorded yet). The units are located in the city near Pimilico and require significant rehab, but Cullen says the potential for turnaround is what drove the deal. He's noticed a trend of investors buying similar properties way below replacement costs to position them for sale when the market improves. Since we're talking apartments, check out tomorrow's Real Estate Bisnow DC for coverage of our Multifamily Summit.
MULTI-FAMILY MANIA
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