Ideal Realty Group proudly announces the sale of The Metropolitan, which recently traded hands to the existing tenants for $7,250,000 or $45,031 per unit. This mid-rise apartment community is located at 200-210 Rhode Island Avenue, N.E. Washington, D.C. in the Rhode Island Avenue growth corridor. Build in 1937, the asset has 18 Efficiency, 111 one-bedroom units, 6 one-bedroom units with den and 26 two-bedroom units.
The tenants matched the offer by utilizing the tenants “first right of refusal” phenomenon in Washington, D.C. Allen Manesh says, “It is extremely difficult to sell in Washington, D.C., as a result, the values won’t go as high as other places. This asset took IRG’s close monitoring for the two-year process to finally come to fruition.”
Most loopholes are closed but IRG has worked out several solutions using our 15-person team synergies to sell multi-family in the Washington D.C.’s and New York’s of the world – contact us for further details.
Ideal Realty Group brokered the deal, and adds another successful closing to their track record, averaging over 10,000 units per year. For over 20 years, IRG has provided tailored real estate investment brokerage services for exclusively Multifamily, in the mid-Atlantic region. Allen Manesh, President of Ideal Realty Group said, “Concentrating exclusively on the multifamily sector in the mid-Atlantic region allows us to be 110% focused and provides a stable platform to repeatedly deliver value to our clients.”
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