WASHINGTON DC – RLP Investments LLP has acquired a multi-family portfolio with four buildings and 51 units in Washington DC.
The properties are located 10 miles east of downtown Washington DC and comprise 36,324 square feet of apartment space at 711 49th St. NE, 719 49th St. NE, 5128 Sheriff Rd NE, and 5134 Sheriff Rd NE.
Brown Gibbons Lang & Co. acted as exclusive financial advisor to RLP Investments on the transaction and secured the acquisition financing on behalf of RLP Investments. MainStreet Bank financed the acquisition and renovation of the property.
RLP Investments plans to spend $ 2 million to renovate the property. The renovations include a complete interior upgrade for each unit and the addition of five units throughout the properties.
For the upgrades, the average unit rental prices are expected to be 2.5 times higher than current prices. Average $ 1,940 per month or $ 2.72 per square foot on a 713 square foot.
All properties are located in a state-approved opportunity zone. The buildings also accept incentives from the Housing Choice Voucher program, which helps eligible tenants with rental support.
"BGL was able to secure the acquisition funding in a very quick and efficient manner because they intervened when a previous advisor was unable to secure the funding," said Mikhail Phillips, executive director of RLP Investments. "BGL did a fantastic job and we were very happy with the result."
Steven M. Buckman of BuckmanLegal PLLC represented the developer on the transaction.