WASHINGTON DC – Newmark Knight Frank has been selected to represent the sole proprietorship of the marketing of Washington Intern Student Housing's portfolio of 17 properties.
The portfolio includes a collection of apartment buildings, townhouses and townhouses that the WISH Foundation has acquired over the past 30 years to provide students with a safe place to live in the country's capital.
“In the late 1990s, my husband and I discovered that all these students came to DC with no money to buy food or the subway. So we started buying properties that would offer affordable housing without paying more than what was charged back in their hometowns, ”explains Jackie Lewis of the WISH Foundation. "We bought prime properties because we had safety concerns for the students and realized that we didn't have to charge a lot of rent as we could use the property's appreciation to subsidize their rents."
The WISH portfolio comprises 122 units in 17 buildings and includes a range of traditional apartment buildings and individual properties. Each of the properties is in the Capitol Hill neighborhood of Washington DC, with the exception of one property in Chinatown. An additional 38-unit property is being offered separately from the portfolio and is located at 2807 Connecticut Ave. in Woodley Park.
The Lewis-owned properties have housed more than 25,000 students in Washington DC.
Christine Espendshade, Vice Chairwoman of Newmark Knight Frank, and Lisa Benjamin, Senior Managing Director, represent the owners of the offering.
“The WISH portfolio offers investors several options, including turnkey housing solutions, shared apartments, company apartments or furnished short stay apartments, in addition to operating the properties as luxury rental or sales apartments,” says Benjamin.
The proceeds from the sale of the portfolio will be used by the foundation to provide university scholarships and donations for students in need.
The master lease structure of the WISH portfolio offers the buyer the opportunity to avoid delays and uncertainties due to the Rental Opportunities Act.
"This is a unique opportunity for investors to acquire a portfolio of orders of magnitude for luxury apartment buildings, condominium conversions or cohabitation in Washington's most prestigious locations," said Espenshade. "The history of these assets and the care that has been taken to maintain their place in the neighborhood is priceless."
323 Maryland Ave. NE, Washington DC.