Deal Close
July 21, 2026 (both)
Type
Multifamily, Ward 4 workforce housing
Price
Randolph Apartments ($3,120,000) | Allison Apartments (27 units, $3,375,000)
Michael Murray
Mid-Atlantic Multifamily Team
Executive Summary
Greysteel marketed these two rent-controlled Ward 4 workforce housing buildings together for a longtime local owner.
Both had lost significant value over the preceding several years — Greysteel’s original proposed values, from roughly five years earlier, ran 35–40% above what the properties actually sold for in this market. Both traded at a high-6% cap rate, financed through Hingham Bank, to a local operator who doubled his DC portfolio in the combined purchase.
The Challenge
Class B-minus and C multifamily product across DC, particularly older assets in Upper Northwest, had repriced substantially. The seller needed a realistic, well-substantiated picture of where the market actually stood relative to values proposed years earlier — and the discipline to accept it.
The Solution
Greysteel ran a consistent, well-documented process across both properties, bringing in candid pricing feedback from a wide range of prospective buyers to give the seller a credible read on current market value rather than a hoped-for number.
Results
- $3,120,000 and $3,375,000 sale prices, both at a high-6% cap rate (roughly a 17% projected IRR depending on business plan assumptions)
- Single buyer doubled his DC portfolio by acquiring both properties together
- Efficient TOPA process with coordinated tenant development agreements
- Financed at 6.2%, 35-year amortization, 7-year term through Hingham Bank — competitive terms for the product type and rate environment
“Greysteel successfully navigated a market that had repriced significantly over recent years, identifying a local operator seeking to grow its footprint in the District. The buyer acquired the property with competitive Hingham Bank financing and completed an efficient TOPA process, resulting in a smooth closing despite broader headwinds affecting older rent-controlled multifamily assets.” — Michael Murray, Greysteel Lead Deal Contact, Mid-Atlantic Multifamily Team
Greysteel Advisory Expertise
Greysteel is a commercial real estate advisory firm specializing in investment sales and debt and structured finance, serving private investors, middle-market operators, and institutional clients nationwide.
The firm provides sector-focused advisory across multifamily, healthcare, and affordable housing and other commercial real estate asset classes, delivering market intelligence, capital markets expertise, and disciplined execution.
