News

Greysteel Arranges the Sale of Brightwood Portfolio

The Greysteel Company, a Washington, D.C. based real estate investment services firm, has arranged the sale of the Brightwood Portfolio; three classic walk-up apartment communities in Northwest Washington, D.C. The 130-unit portfolio consists of the Concord, the Valencia and the Vizcaya, all situated south of the Walter Reed Campus redevelopment site and north of the Petworth neighborhood between 16th Street, NW and Georgia Avenue, NW.

Greysteel’s multifamily division led by Ari Firoozabadi, W. Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, and Mike Bediones served as exclusive advisor and agent to Bernstein Management Corporation (“BMC”) in the successful disposition of the Brightwood Portfolio to The Hampstead Companies of San Diego, CA in partnership with D.C. based NixDevCo and the portfolio’s Tenants Associations. The purchaser acquired the properties with bridge financing from Citi Bank, AIA (Affordable Investment Advisors), and LISC (Local Initiatives Support Corporations). The Hampstead Companies is seeking permanent financing from the District of Columbia’s $100 million affordable housing fund along with tax-exempt bonds and 4% low-income housing and historic tax credits.

Download the full press release (PDF).