Greysteel, a national commercial real estate investment services firm, has arranged the sale of Petworth Place, a multifamily property located in Washington, DC.

This transaction was arranged by Greysteel President & CEO, Ari Firoozabadi; Senior Director, W. Kyle Tangney; Director, Rawles M. Wilcox; Senior Investment Associate, Alicia Orkisz; and Investment Associate, Herbert Schwat; who are all based in Greysteel’s Washington, D.C. office.

Petworth Place, built in 1946, is a 78-unit community located at 930 Randolph Street, NW in Washington, DC. Situated in one of the hottest submarkets in Northwest Washington, D.C., residents enjoy immediate access to the Yellow and Green Lines of the Metrorail, five major Metrobus routes, bike and car shares, and the brand new Petworth Safeway.

Jair Lynch Real Estate Partners acquired the property in 2011 through the purchase of a Low Income Housing Tax Credit (LIHTC) portfolio of almost 500 units with the intent of renovating, maintaining, and preserving affordable housing in the District. The portfolio was nearing the end of its initial compliance period, and presented the opportunity for a new owner to rehab the property under the program.

"The need to preserve affordable housing in this neighborhood is particularly strong, the median home price has increased 7.5% since 2015,” said Ms. Orkisz. “Petworth Place will continue to operate under the LIHTC program with units reserved for residents whose income does not exceed 60% of area median income.”

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with nine offices located in Phoenix, AZ; Los Angeles, CA; Washington, D.C.; Baltimore, MD; New York, NY; Philadelphia, PA; Dallas, TX; Fort Worth, TX; and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.