WASHINGTON, DC-The Oaks, an eight-unit apartment building located at 1447 Oak St., NW, has traded for $2 million, or $250,000 per unit. The buyer was a local developer and the seller had been the family which had owned the property for years. The deal, brokered by Greysteel's W. Kyle Tangney and Herbert Schwat, was a rare 1031 trade for the District. Because of the Tenant Opportunity to Purchase Act there are few 1031 purchases of apartments, Tangney told GlobeSt.com.
WASHINGTON, DC-The Oaks, an eight-unit apartment building located at 1447 Oak St., NW, has traded for $2 million, or $250,000 per unit. The buyer was a local developer and the seller had been the family which had owned the property for years. The deal, brokered by Greysteel's W. Kyle Tangney and Herbert Schwat, was a rare 1031 trade for the District. Because of the Tenant Opportunity to Purchase Act there are few 1031 purchases of apartments, Tangney told GlobeSt.com.
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