106-Unit Deanwood Apartment Community Sells For $9.3M
A 1960s-era apartment community in the Deanwood neighborhood of Northeast DC has just traded hands for $88K per unit.
Boston-based WinnCompanies acquired the 106-unit community from Rockville-based James Properties for $9.3M. Marcus & Millichap's Cameron Webb, Stacey Milam and J. Dominic Vito brokered the deal.
The eight-building Hilltop Apartments at 908-922 Eastern Ave. NE consist of 52 one-bedroom units and 54 two-bedroom units. The property sits one mile from the Deanwood Metro station.
WinnCompanies, headquartered in Boston's historic Faneuil Hall, owns five other DC properties and one in Silver Spring. The buyer plans to make renovations to the building but maintain its affordable status.
"By collaborating with the tenants under the DC Tenant Opportunity to Purchase Act, we will be able to immediately enhance the resident experience in the community by addressing deferred maintenance, making property wide upgrades, and enhancing operations," WinnDevelopment senior vice president Brett Meringoff said in a statement.
The deal represents one of the largest Deanwood sales in the last five years, Marcus & Millichap said.
“Deanwood is a transitioning neighborhood experiencing an influx of private and city investment,” Webb said in a release. “The transaction presented a rare opportunity to acquire an apartment community, with an affordable housing component, in a highly sought-after rental market given Deanwood’s recent development and growth.”