3802 Towne Point Rd, Portsmouth, VA 23703
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 loan brokerage business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
Patrick McGlohn
Senior Managing Director
703.987.0874
patrick.mcglohn@berkadia.com
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CONTACT US
BILL GRIBBIN
Managing Director
301.580.6486 bill.gribbin@berkadia.com
YALDA GHAMARIAN
Managing Director
240.462.2332 yalda.ghamarian@berkadia.com
BRIAN CRIVELLA
Senior Managing Director 301.580.6685 brian.crivella@berkadia.com
INVESTMENT SALES
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THE LOCATION
Berkadia is pleased to present the sale of MAA Massachusetts Avenue (the “Property”), an exceptionally located 269-unit apartment community built in 2002. The Property sits prominently at the corner of 15th Street and Massachusetts Avenue giving residents unmatched walking access throughout D.C. Proper’s best live, work, and play hubs. Residents benefit from the quaint tree-lined streets of 15th Street and open greenery of Scotts Circle Park while having excellent proximity to the highly-coveted 14th Street Corridor and the gateway to Washington, D.C.’s CBD. A 10-minute walk from their front door, residents also have access to 5 metro stops servicing all major lines connecting them conveniently throughout the entire D.C. Metro Area (Red, Orange, Blue, Silver, Green, Yellow). Proximity to downtown D.C.’s high-achieving job market and walkability to major entertainment destinations such as 14th Street, DuPont Circle, Midtown Center, and CityCenter foster one of the strongest renter pools in the D.C. Metro. This is reflected at the Property whose average household income is over $230,000. The Property has achieved exceptional performance with 8.0% new lease tradeouts year to date and 5.3% on forward 90-day renewals ahead of the spring and summer leasing season. MAA Massachusetts further offers outsized rental upside with 100% of units having significant value add potential and large headroom in rent premiums to surrounding Class A comparable properties.
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1499 Massachusetts Avenue, Washington, D.C.
Opportunity to acquire a 269-unit landmark asset in the iconic logan Circle neighborhood of central Washington, DC.
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QUICK STATS
188
Parking Spaces
97
Walk Score
100
Transit Score
15
Stories:
100%
Units with Value-Add Upside
269
Market Rate Units
2002
year built
INVESTMENT HIGHLIGHTS
Core Location -Located in the heart of NW D.C. with a walk score of 97. All lifestyle amenities can be accessed on foot - 1 block to 14th Street, 3 blocks from K Street in the CBD, and a short walk to DuPont Circle, CityCenter, Capital One Arena, and Shaw.
Transit Surrounded Location - Located within a 10-minute walk to 5 Metro Stations servicing all major Metro lines. Residents are within 5-stops of Nationals Ballpark, The Wharf, the Rosslyn-Ballston Corridor, Amazon HQ2, and Union Station.
Market Leading Performance- Exceptional historical occupancy at the Property achieving over 96% over the past three years while achieving 8.0% on new lease trade outs year to date and 5.3% on forward 90-day renewals.
UNIT MIX
95.5%
Occupancy
Clear Value-Add Upside -100% of units offer in-unit value add upside with significant headroom to neighboring Class A rents. Further, less than 30% of the surrounding existing supply within 1-mile of the Property is Class A with a substantial impending supply shortfall - no anticipated deliveries from Q3 2026 through the end of 2029.
Superior Demographics Extremely strong showing of Washington, D.C.’s superior renter profile at the property with an average household income of over $230,000, median age of 30.5, and 60% of the Property’s reported occupations in Tech, Finance, Healthcare, Real Estate, or Professional Services.
Large Diverse Unit Mix -Large floorplans (883 Avg SF) and 62% of Unit Mix 1BR Den or Bigger (40% of units have Dens). Rare offering in Logan Circle/14th Street Corridor submarket whose average is +/-650 SF.
BRIAN GOULD
Managing Director 301.941.4616 brian.gould@berkadia.com
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883
Average Unit Size
