Southeast Multifamily Deal Gives Hint How Post-Election Deals Will Play Out

Randle Hill

WASHINGTON, DC–Randle Hill, a 17-building, 196-unit market-rate multifamily property located at  3300 6th St SE, close to the redevelopment of St. Elizabeths Hospital in Ward 8 and within a half mile of the Congress Heights Metro has traded to Community Preservation and Development Corp. Northern Virginia-based Gates, Hudson & Assoc., was the seller and represented by Ideal Realty Group.

In CRE shorthand, this deal was your standard 1031 exchange-affordable housing play. CPDC invested its own capital as well as secured funding from Community Housing Capital, National Housing Trust, Partners for the Common Good and Morgan Stanley Bank, which provided a 95% acquisition loan, according to Shelynda Burney-Brown, vice president of Real Estate for CPDC. Gates, Hudson sold the property as part of a 1031 exchange and it is already under contract for another property in the Virginia market, IRG President Cameron Manesh, who was also retained to identify an acquisition, tells GlobeSt.com.