Greysteel, a national commercial real estate investment services firm, has arranged the sale of The Oaks, a multifamily property located in Northwest Washington, D.C., for $2 million or $250,000 per unit.

This transaction was arranged by Greysteel Senior Director, W. Kyle Tangney, and Investment Associate, Herbert Schwat; who are based in the Company’s Washington, D.C. office.

The Oaks, totaling eight units, was completely renovated in 2013 and delivered vacant for prospective buyers, making it an ideal 1031 Exchange opportunity. Located at 1447 Oak Street, NW in the Columbia Heights neighborhood of Washington, D.C., The Oaks is within walking distance to various retail, dining, and nightlife options along 14 ^th Street including Black Whiskey, Provision 14, Shinola, and Barcelona Wine Bar.

“During our marketing process we focused heavily on the superior condition of the property and the fact that it was the ultimate 1031 execution for a prospective buyer,” said Mr. Tangney. “Multifamily 1031 executions in the District of Columbia are incredibly difficult due to the Tenant Opportunity to Purchase Act. By highlighting the property’s vacancy, we were able to generate phenomenal interest which allowed the owner to execute an exceptionally attractive transaction with someone in a 1031 situation,” he added.

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with seven offices located in Los Angeles, CA; Washington, D.C.; Baltimore, MD; Philadelphia, PA; Dallas, TX; and Fort Worth, TX. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets.