NHP Foundation Acquires Washington Property From MacFarlane Partners For $14M With Broker Ari Firoozabadi

A 105-unit affordable multifamily property located at 6676 Georgia Ave NW, Washington, D.C. has been sold for $14,000,000. The property was constructed in 1953 and is situated just south of the 66-acre Walter Reed Army Medical Center campus. The sale involves a transfer of ownership from MacFarlane Partners to NHP Foundation.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $14,000,000
• Address: 6676 Georgia Ave NW, Washington, D.C.
• Seller: MacFarlane Partners
• Buyer: NHP Foundation
• Seller's Representative: Ari Firoozabadi (Greysteel)
• Joint Venture Partner: Jair Lynch Real Estate Partners
• Original Contract Purchaser: Preservation of Affordable Housing

Ari Firoozabadi, CEO of Greysteel, and managing director W. Kyle Tangney were instrumental in brokering the transaction on behalf of the seller. Jair Lynch acquired the property in 2011 and made various upgrades to the property prior to the sale. The plan includes renovations by the buyer to maintain affordability for another 30 years.