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WASHINGTON, DC-Gelman Management Co. has acquired two apartment buildings in the District for a total of $8.35 million and a cap rate slightly below 5%. It acquired the two buildings–both in Northwest Washington–from a court-appointed receiver that was managing the assets under a partition suit. Essentially partners in the family trust that held the assets couldn’t agree on their future direction.

There was a huge amount of interest in the properties, located at 5100 Connecticut Ave. and 2620 16th St., and totaling 92 units, according to Holliday Fenoglio Fowler’s Dave Nachison, who along with colleague Alan Davis represented the receiver. Ultimately 24 offers were generated for buildings.

“Vintage apartment buildings like these in the District don’t come on the market very often,” Nachison tells GlobeSt.com. The properties had very little debt on them when the traded; after the acquisition Gelman retained HFF director Dan McIntyre to secure $5.8 million of acquisition financing through Fannie Mae’s DUS Loan Program.

Located in the Friendship Heights/Chevy Chase area of northwest DC, 5100 Connecticut Ave. NW was built in 1962. The property has 42 studio and one-bedroom units averaging 350 square feet each as well as a 680-square-foot commercial suite occupied by a dentist. The circa-1965 2620 16th St. is in the North Dupont/Adams Morgan part of town. The nine-story property has 49 studio and one-bedroom units averaging 375 square feet each, on-site laundry and 16 parking spaces.

Multifamily investment sales have been very active in the past six weeks, with deals either pending or having closed in the hundreds of millions of dollars. “I would say the District is the most sought after multifamily market in the nation right now,” Nachison says.

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