Montgomery Housing Partnership Buys DC Apartment for $37M
Worthington Woods was one of Washington DC’s most significant tax credit acquisition/rehab opportunities, says Greysteel’s Kyle Tangney.
WASHINGTON, DC—Montgomery Housing Partnership has acquired a garden-style apartment community in Washington, DC called Worthington Woods. The 394-unit property traded for $37 million.
Greysteel’s Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Henry Mathies and Dutch Seitz, of the company’s Washington, DC office, sold the property on behalf of the seller, WCSmith and Aldon Torch.
Worthington Woods is located at 4419 3rd St, SE. Constructed in 1944, Worthington Woods was fully placed-in-service under the Section 42 Low Income Housing Tax Credit (LIHTC) program in 2002 and reserves units for residents whose income does not exceed 60% of the Area Median Income (AMI).
Tangney says that Worthington Woods was one of Washington DC’s most significant tax credit acquisition/rehab opportunities.
The property is close to Joint Base Anacostia-Bolling, Andrews Air Force Base, MGM National Harbor, and Suitland Federal Center.
Since the beginning of 2019, Greysteel’s Washington, DC office has sold 839 multifamily units totaling $82 million in DC Wards 7 & 8, according to Tangney.