International multifamily operator Akelius Residential has paid $34 million for a pair of multifamily communities located in Capitol Hill, Washington, D.C. The two properties are the Capitol East Apartments, a 120-unit apartment complex located at 518 9th Street, NE and the Lexington Apartments, a 48 unit community located at 1114 F Street NE, Washington, D.C. Both assets are within walking distance of the U.S. Capitol, the Library of Congress and the House and Senate Office Buildings. Greysteel’s Washington, D.C. office served as exclusive advisor and agent to the seller, Wexford Management.
“Both Captiol East and Lexington Apartments presented an outstanding value-add opportunity in Capitol Hill, one of the most sought-after addresses in the District,” said Managing Director W. Kyle Tangney, Greysteel. “Newly built and renovated properties are achieving substantially higher rents which presented new ownership both immediate and long term revenue growth potential.
