Connecticut Heights presents an opportunity to acquire in the Upper Northwest / Chevy Chase DC submarket, which has zero units under construction or scheduled to deliver.

Currently 97% occupied, average occupancy of 95%+ since 2023, a 4.8% renewal rent growth, a long average tenant tenure with 70% retention, and a recent effective rent growth of 5.37% based on the most recent 10 leases for each unit type, the Property’s exceptional performance provides durable and consistent cash flow.

With a 1-mile radius Average Household Income of $163K+ (~$133K on-site) and 83% achieving a Bachelor’s Degree or Higher, the Property’s target renter demographic is among the strongest in the DC Metro area (CoStar). The Property boasts an impressive 17% rent to income ratio.

Just a 10-minute walk to Van Ness-UDC Metro (Red Line), residents are hyper-connected to the local employment and lifestyle drivers of Downtown DC, Dupont Circle, Union Station, NoMa, and more. Downtown Bethesda is the 3rd metro stop from the Property and just a short 2.5 mile drive. Additionally, the Purple Line’s upcoming completion provides additional connectivity across the DC Metro. Lastly, with numerous bus lines and a variety of locations for car shares and Bike shares that are just less than a half mile away, Connecticut Heights will always be in high demand.

Current ownership has renovated 93% units in the past 10 years and completed significant capital improvements including solar installation, clubhouse renovation, hallway and common area renovations, and a host of mechanical upgrades. As a result of these improvements, a buyer will be able to realize outsize rent growth and capitalize on durable NOI.

Current average resident Property tenure is 3.25 years. With more than 10% of tenants having resided at the Property for a decade or longer, there is significant potential for rent growth within DC Rent Control regulations when these long-term tenants vacate.

The Property’s excellent public school district makes it ever-attractive for families – Murch Elementary School 10/10; Alice Deal Middle School 9/10; and Jackson-Reed High School 9/10. The Property also attracts university students attending nearby American University and UDC. Residents can easily access downtown Bethesda, the National Institutes of Health, 130 million square feet of office in downtown DC, National Landing (Amazon HQ2), the Rosslyn-Ballston Corridor, and Tysons Corner employment hubs within a 25-minute drive. This represents approximately 65% of the office market in the DC MSA, making it one of the most well-connected areas in the region. The Property is also very appealing as it sits 15 minutes walking to Rockcreek Park.

The Property is strategically located in the Northwest quadrant in Washington, DC in one of the safest neighborhoods in the District. According to DC Metropolitan Police data, at year-end 2024 the Property’s immediate vicinity had one of the lowest crime rates in DC, with roughly three incidents per 1,000 residents annually, resulting in approximately 20% below the city’s average and over 70% below the city’s highest.