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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
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Highlights
The Opportunity
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Seven-Property Portfolio Across Washington, D.C. and Maryland
Berkadia is pleased to present for sale a 1,287-unit affordable housing portfolio on behalf of Enterprise Community Development (ECD) comprised of 1,075 units in the District of Columbia and 212 units in Maryland. Prospective buyers have the option to purchase properties in combination or individually.
THE OPPORTUNITY
1,287
total units
793 sf
avg unit size
$1,413
avg rent
$1.78
AVG Rent/SQFT
1,020,098 sf
Total Rentable SF
1942-1972
Year Built
THE portfolio
4445 Willard Avenue Suite 1200
Chevy Chase, MD 20815
D.C. OFFICE
Senior Vice President 301.202.3547 david.leopold@berkadia.com
David Leopold
Berkadia Financing
Senior Managing Director 301.202.3553 bobby.meehling@berkadia.com DC, DRE #BR40000206
Robert Meehling
Affordable Senior Managing Director 253.653.3313 brandon.grisham@berkadia.com WA, DRE #26367
Brandon Grisham
Investment Advisors
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Senior Managing Director 614.468.5805 mathew.napolean@berkadia.com
Mathew NapoleOn
Associate Director
240.793.8513
hassan.dixon@berkadia.com
Hassan Dixon
Enterprise PORTFOLIO
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*Properties Can Be Acquired Individually
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Year Built - 1942
Total rentable SF - 299,294 SF
Units - 410
Avg Unit Size - 730 SF
Mayfair Mansions
3744 1/2 Hayes Street NE
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DOC CENTER
Year Built - 1960
Total rentable SF - 192,359 SF
Units - 259
Avg Unit Size - 743 SF
Meadowbrook Run
3647 6th Street SE
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DOC CENTER
Year Built - 1964
Total rentable SF - 125,592 SF
Units - 156
Avg Unit Size - 805 SF
Arbor View 1212 Southern Avenue SE
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DOC CENTER
Year Built - 1963
Total rentable SF - 106,260 SF
Units - 134
Avg Unit Size - 793 SF
Cedar Heights 1510 Butler Street SE
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DOC CENTER
Year Built - 1947
Total rentable SF - 104,972 SF
Units - 116
Avg Unit Size - 905 SF
Wheeler Terrace
1217 Valley Avenue SE
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DOC CENTER
THE LOCATION
Senior Managing Director 240.396.1090 drew.white@berkadia.com DC, DRE #SP98359700
Drew White
Senior Financial Analyst 206.512.5567 ryley.lewis@berkadia.com WA, DRE #22027158
Ryley Lewis
Managing Director
703.408.7701
ted.hermes@berkadia.com
Ted Hermes
Director
781.801.2378
phil.brannigan@berkadia.com
Phil Brannigan
Opportunity
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1,287 Units
Meticulously cared for assets with significant property upgrades available below replacement cost
INVESTMENT HIGHLIGHTS
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Director 240.396.1088 louis.jacobe@berkadia.com DC, DRE #SP200203315
Louis Jacobe
601 Union St.
Suite 3909
Seattle, WA 98101
SEATTLE OFFICE
Associate Director 614.796.0218 garret.mater@berkadia.com
GARRET MATER
Ability to swiftly scale existing or new operations in Washington, D.C. and Maryland
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Tremendous opportunity to eliminate loss-to-lease by growing rents on certain units to net maximum allowable limits
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Strong additional upside and increased property performance available through continued asset management initiatives focused on upward trending collections
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Nearly 50% of units benefit from HAP or PBV contracts enabling budget and market based pathways for increasing subsidy rents
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Visit Enterprise DC
Visit Enterprise MD
Opportunity to assume below-market HUD debt across 3 of the properties
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