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Wesley Housing Development Corp Buys Brookland Multifamily Property For $6.6M

WASHINGTON DC 06.15.2017

MID-ATLANTIC HEALTHCARE REAL ESTATE FORUM

Development, Leasing, and the Impact of Regulatory Reform

Paula Crowley -- Anchor Health Properties
Gill Wylie -- Johns Hopkins Medical Management Corporation
Charles Weinstein -- ​Children's National Medical Center
Brookland Place

An 80-unit affordable housing community in the Brookland neighborhood has sold for $6.6M.

Jair Lynch Real Estate Partners sold Brookland Place to Wesley Housing Development Corp, with Greysteel co-founder Ari Firoozabadi leading the team that brokered the deal. 

The property, made up of 12 three-story buildings, is at 617 Hamlin St NE. It was built in 1950 and is comprised entirely of one-bedroom units. 

Wesley partnered with the tenants association to acquire the property through TOPA. It plans to substantially renovate the buildings and has received construction financing from the DC Department of Housing and Community Development and Enterprise Community Partners