WASHINGTON, DC—After acquiring the 208-unit Rittenhouse Apartments complex here less than six month ago, TIAA-CREF has hired a firm to market the property to interested buyers.
New York City-based TIAA-CREF has retained Ari Firoozabadi‘s Greysteel Co. after it completed renovations at the property located near the Rock Creek Park Golf Course.
TIAA-CREF acquired the Rittenhouse at 6101 16th St. NW earlier this year through a joint venture with European investment manager Henderson Global Investors. Through the partnership, TIAA-CREF purchased the subsidiary that manages all of Henderson’s properties, including the Rittenhouse property, in North America for $2.6 billion.
“This is in a location where you don’t have a lot of excess land, and there’s nothing coming out of the ground of any material size that can compete,” Firoozabadi says. He adds that the property should attract significant investor interest due to its good location. The property is assessed at nearly $30 million, according to the D.C. Office of Tax and Revenue. See story in the Washington Business Journal.