Novo Properties Sells 132-Unit Congress Heights Community For $10M
A five-building, 132-unit multifamily community in Congress Heights has just traded hands for $10.1M.
D.C.-based Novo Properties sold the Cascade Park Apartments to Housing Help Plus, a D.C.-based nonprofit. Greysteel CEO Ari Firoozabadi, Managing Director W. Kyle Tangney and Investment Associate Herbert Schwat represented the seller in the transaction.
The Cascade Park community has 39 one-bedroom units, 38 two-bedroom units, 30 three-bedroom units and 23 four-bedroom units.
Built in 1949, the community sits on Fourth Street SE about two blocks from Southern Avenue SE, the southeastern border of the District. The nearest Metro station is the Congress Heights Green Line stop, about a mile and a half away. Just over the border in Prince George's County from the community is a retail center featuring a Giant grocery store, Dollar Tree, CVS, Burger King and Popeye's Louisiana Kitchen. The property is also about 2.5 miles from the MGM National Harbor.
“Cascade Park Apartments represented a substantial value-add opportunity with an unseen unit mix in a rapidly emerging submarket of Washington, D.C.,” Tangney said in a release. “The recent delivery of the MGM National Harbor and the proximity to employment hubs in both Prince George’s County and across the District of Columbia drove interest from the buyer community.”