Service. Success. Perfected. Spotlight on Cathedral Heights, Washington, D.C

Service. Success. Perfected. Spotlight on Cathedral Heights, Washington, D.C. | Multifamily April 2016

National Cathedral

Located west of Washington National Cathedral, Cathedral Heights in Northwest Washington, D.C. has been subject to periodic redefinition and amalgamation with adjoining neighborhoods over the years, leading to various opinions of the historic neighborhood division. Presently, Cathedral Heights is roughly bounded by Woodley Road to the north, Fulton Street to the south, Wisconsin Avenue to the east, and Glover Archbold Park and Idaho Avenue to the west. Neighborhoods surrounding Cathedral Heights include Tenleytown to the north, Cleveland Park to the northeast, Woodley Park to the east, American University Park to the west, and Glover Park to the south. The residential neighborhood is composed mostly of brick and Tudor single family homes and duplexes with multifamily co-ops, condos, and apartments bordering Wisconsin Avenue and Glover Archbold Park.

Cathedral Heights attracts residents for its low-density and quiet atmosphere. The intersection of Massachusetts and Wisconsin Avenues allows Metrobus access to Dupont Circle, Farragut Square, Fannie Mae Georgetown, and Friendship Heights. Cathedral Heights’ proximity by car to Bethesda, Northern Virginia, and Downtown Washington has led to a historically stable midtown residential neighborhood. The The featured properties in this month’s rent survey represent six neighborhood enjoys many well-ranked elementary and secondary communities in and around Cathedral Heights. The communities were schools including Annunciation Catholic School, Saint Albans School, built between 1929 and 2015, with an average age of 55 years. Of note, National Cathedral School, and Beauvoir. Additional public parks one community was fully renovated in 2001. Occupancy rates for the associated with these schools allow residents access to well-manicured communities range from 91% to 98%. Average rental rates per square green space, playgrounds, tennis courts, and various sports fields. foot range from $2.33 to $3.74, with average unit sizes ranging from 590 Cathedral Commons, a recently delivered mixed-use project located square feet to 950 square feet. Common area amenities include on-site along Wisconsin Avenue between Macomb and Idaho Avenue, laundry facilities, swimming pools, rooftop terraces and fitness centers. epitomizes the redevelopment potential of the local area. The $130 Unit amenities include hardwood floors, stainless steel appliances, walk- million joint-venture led by Bozzuto and Investment Partners of in closets, and private balconies/patios. Residents pay application fees Baltimore encompasses two distinct parcels. Parcel 1 includes a 56,000 up to $75 and post security deposits from $300 to one month’s rent. square foot Giant supermarket, 13 boutique apartment homes, eight Pets are allowed in all surveyed communities with residents paying non- townhomes, retail, and two levels of below grade parking garage. Parcel refundable pet deposits ranging from $150 to $500 and monthly pet 2 features 124 upscale residences, street-level retail, and 124 below- rents of $50. Utilities at the majority of the surveyed communities are ground parking spaces. paid for by the property.

CATHEDRAL COMMONS CHANCERY 3401 Idaho Avenue, NW 3130 Wisconsin Avenue, NW Washington , D.C. 20016 Washington, D.C. 20016 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT EFF 487 $1,863 EFF 460 $1,423 1 BDR/1 BA 738 $3,065 1 BDR/1 BA 620 $1,600 2 BDR/2 BA 1,223 $4,364 2 BDR/2 BA 865 $2,120

1 BDR/Townhome 1,250 $4,090 • Residents pay a $50 application fee and a security 2 BDR/Townhome 1,489 $4,890 deposit equal to one month’s rent. • Common area amenities include a rooftop lounge, 3 BDR/Townhome 2,891 $8,648 and on-site laundry facilities. • Unit amenities include black appliances, parquet • Residents pay a $75 application fee and a security flooring, walk-in closets, vaulted/high ceilings, and No. Units 145 deposit of one month’s rent. No. Units 210 high-speed internet access. • Additional fees include a non-refundable pet deposit • Property pays for all utilities. Property offers storage Occupancy 93% Occupancy 98% of $500. for a fee of $60. Year Built 2015 • Common area amenities include a clubhouse, fitness Year Built 1942 • Management sets rent levels per D.C. rent center, library, garden area, rooftop terrace, and a control guidelines. Managed by Bozzuto Group 24/7 concierge. Managed by Stoladi • Unit amenities include vaulted/high ceilings, hardwood floors, walk-in closets, stainless steel appliances, quartz countertops, and in select units, a private balcony/patio and fireplace. • Management utilizes third party pricing software to set rent levels.

ELAINE ALBAN TOWERS 3210 Wisconsin Avenue, NW 3700 Massachusetts Avenue, NW Washington, D.C. 20016 Washington, D.C. 20016 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT EFF 500 $1,550 EFF 537 $1,826 1 BDR/1 BA 900 $1,884 1 BDR/1 BA 723 $2,710 2 BDR/2 BA 1,200 $2,732 2 BDR/2 BA 1,120 $3,560

• Residents pay a $45 application fee and a $500 3 BDR/2 BA 1,358 $4,150 security deposit. • Residents pay a $75 application fee, a $200-$250 • Common area amenities include on-site laundry facilities. security deposit, and a $500 move-in fee. • Unit amenities include a dishwasher, individual climate • Additional fees include pet rent of $50. control, granite countertops, upgraded cabinetry, • Common area amenities include a fitness center, stainless steel appliances, and parquet flooring. business center, clubhouse, swimming pool, rooftop No. Units 86 • Property pays for all utilities. No. Units 237 lounge, and valet dry cleaning. • Management sets rent levels per D.C. rent Occupancy 91% Occupancy 96% • Unit amenities include a microwave, washer/dryer, control guidelines. hardwood floors, vaulted/high ceilings, granite Year Built 1954 Year Built 1929; 2001 countertops, walk-in closets, stainless steel appliances. Managed by Gelman Company Managed by Equity Residential • Residents pay for electric; property pays for gas, water and trash removal. • Management sets rent levels per D.C. rent control guidelines.

THE ALTO TOWERS IDAHO TERRACE 3206 Wisconsin Avenue, NW 3040 Idaho Avenue, NW Washington, D.C. 20016 Washington, D.C. 20016 UNIT TYPE SF ASKING RENT UNIT TYPE SF ASKING RENT EFF 500 $1,550 EFF 422 $1,390 1 BDR/1 BA 700 $1,725 1 BDR/1 BA 594 $1,800 2 BDR/1 BA 900 $2,687 2 BDR/1 BA 899 $2,754

• Residents pay a $45 application fee and a $500 2 BDR/2 BA 1,505 $3,205 security deposit. • Residents pay a $39 application fee and a $300 • Common area amenities include on-site laundry security deposit. facilities, and valet dry cleaning. • Additional fees include a non-refundable pet • Unit amenities include parquet flooring, granite deposit of $150. countertops, stainless steel appliances, and in select • Common area amenities include a fitness center, No. Units 86 units, a private balcony/patio. No. Units 209 on-site laundry facilities, bicycle storage, and on-site • Property pays for all utilities. Occupancy 97% Occupancy 96% laundry facilities. • Management sets rent levels per D.C. rent • Unit amenities include a private balcony/patio, Year Built 1964 control guidelines. Year Built 1950 microwave, and parquet flooring. Managed by Gelman Company Managed by Bernstein • Property pays for all utilities. Management • Management sets rent levels per D.C. rent control guidelines.

The report below features a sampling of properties sold within the last 12 months in Washington, D.C. Please note the different locations and adjust comparisons accordingly. Also note that sales comparables provide a snapshot of recent transactions and are not a perfect predictor of future market movement and behavior.

THE CENTURY REG ROSE PLAZA 2651 16th Street, NW 2900 Adams Mill Road, NW Washington, D.C. 20009 Washington, D.C. 20009

Close Date: April 1, 2016 Close Date: March 28, 2016 Units: 88 Units: 43 Year Built: 1937 Year Built: 1944 Price: $16,500,000 Price: $8,500,000 Price/Unit: $187,500 Price/Unit: $197,674 Price/SF: $213.27 Price/SF: $269.67 Seller: Century Partners 16th Street Seller: Adams Mills Enterprises LLC LLC Buyer: Akelius Real Estate Buyer: Akelius Real Estate Management Ltd. Management Ltd.

ELLICOTT HOUSE APARTMENTS TILDEN HALL 4849 Connecticut Avenue, NW 3945 Connecticut Avenue, NW Washington, D.C. 20008 Washington, D.C. 20008

Close Date: October 22, 2015 Close Date: May 21, 2015 Units: 327 Units: 72 Year Built: 1974 Year Built: 1923 Price: $75,000,000 Price: $13,300,000 Price/Unit: $229,358 Price/Unit: $184,722 Price/SF: $340.91 Price/SF: $332.50 Seller: Invesco Advisors, Inc. Seller: Infinity Group Buyer: Annaly Commercial Buyer: Urban Investment Partners Real Estate Group

THE ENVOY EMBASSY TOWER 2144 California Street, NW 1620 Fuller Street, NW Washington, D.C. 20008 Washington, D.C. 20009

Close Date: April 21, 2015 Close Date: March 25, 2015 Units: 124 Units: 72 Year Built: 1959 Year Built: 1932 Price: $26,750,000 Price: $13,250,000 Price/Unit: $236,726 Price/Unit: $184,028 Price/SF: $304.13 Price/SF: $181.70 Seller: Rebecca L. Scheibner Seller: John L & Judith P Goodrow Revocable Trust Buyer: Urban Investment Partners Buyer: Federal City Property Investors, LLC

PARK & Q APARTMENTS WASHINGTON, D.C. EXLUSIVE OFFERING

INVESTMENT HIGHLIGHTS

• Significant value-add opportunity in the emerging Hillcrest neighborhood of Southeast Washington, D.C. • Ability to capture substantial revenue upside by leasing vacant units to HCVP tenants whose rents are set outside rent control limits. • Separately metered for electric and benefits from significant recent capital expenditures including new roofs, newer windows, and new exterior paint. LOCATION HIGHLIGHTS • Close to major federal and private employment centers, including the Suitland Federal Center, the Washington Navy Yard, and the booming Capitol Riverfront district. • Ideally located off Pennsylvania Avenue with easy access to the Suitland Parkway, I-295, and I-495, the Capital Beltway. • Surrounded by some of the most transformative developments in the District such as Saint Elizabeth’s, Hill East, and the 11th Street Bridge Park.

TRANSACTION TEAM: CAPITAL MARKETS:

W. Kyle Tangney Rawles M. Wilcox Mark Bittenbender Service. Success. Perfected. Senior Director Director Director 7735 Old Georgetown Road Alicia Orkisz Herbert Schwat Brittany Wismer Suite 301 Investment Associate Junior Investment Associate Senior Finance Associate Bethesda, MD 20814 Philip Tilly Brayden Campbell Yassi Farzaneh P. 202.280.2722 Analyst Analyst Production Director [email protected] www.greysteel.com Pauline Lefebvre Ari Firoozabadi Matt Schwartz Production Associate President CEO

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