Brightwood Garden Apartments 945 Longfellow Street NW | Washington, D.C

Brightwood Garden Apartments 945 Longfellow Street NW | Washington, D.C.

OFFERING SUMMARY

Investment Summary UNIT MIX SUMMARY

Year Built 1925 No. of Avg Effective HCVP Unit Type Units 13 Units SF Rent/Unit Rent/Unit Construction Brick Façade 1 BDR 11 550 $1,103 $1,657 Zoning RF-1 2 BDR 1 650 $1,501 $2,361 Total Rentable SF 10,054 SF 3 BDR 1 750 $3,100 $3,342 Average Unit Size 573 SF Totals/Wtd. 13 573 $1,343 $1,814 Occupancy (6/2020) 69% Averages Average Rent Roll Rent $1,343

Northern Impact of Petworth Rent Growth Nearby Established & Emerging Retail Corridors The Property’s location in the northern section of the Petworth submarket will drive demand as residents seeking accessible accommodations are increasingly priced out of the core neighborhood. BRIGHTWOOD GARDEN This rent acceleration will expand, improving APARTMENTS revenues and returns at the Property.

Immediate Value-Add Opportunity The Property offers new ownership the ability to immediately raise rents by leasing vacant units to Housing Choice Voucher Program tenants. HCVP 650 rents are set and guaranteed by the government,

and outside District Rent Control, resulting in 29 minimal loss-to-lease. Georgia Avenue Corridor Convenient to Employment Centers Kennedy Street Corridor The Property’s location in upper Northwest 16TH STREET NW Washington, D.C. promises to draw residents Upper & Central 14th Street Corridor seeking accommodations accessible to their Upshur & 9th Corridor employment, including areas such as Silver Spring and Bethesda, Maryland, and Downtown. WALK SCORE 91

© 2020 Greysteel THE PARKS AT WALTER REED (1.0 MILES) • A large-scale redevelopment is currently underway at the site of the former Walter Reed Army Medical Center in Northwest Washington, D.C. Bordered by the neighborhoods of Brightwood, Shepherd Park, and Takoma, and adjacent to Rock Creek Park, the over 100-year old facility has served active duty and retired soldiers as THE PARKS AT well as former Vice Presidents, Senators, and Representatives. WALTER REED • In November 2013, the Walter Reed Local Redevelopment Authority (LRA) selected a master development team led by Hines, and two local partners, Triden and Urban Atlantic, to spearhead the redevelopment of the property. While many of the historic buildings will be preserved, the development will also introduce a high-tech “Innovation Core” with the goal of creating a new research and technology hub in the area. It will be composed of the medical research department of George Washington 1.2 MILES University, a Fab Lab of MIT, and private pharmaceutical company Biotrial 25-MINUTE WALK

8-MINUTE DRIVE 3.1 Million SF of 20 Acres of Public Development Green Space 11-MINUTE BUS RIDE VIA ROUTE 70,79

250,000 SF of Retail ~1 Billion in Direct Space Anchored by Investment Whole Foods

90,000 SF of 4,500 Area Jobs Office Space During Construction

~2,000 2,900 Permanent Jobs Residential Units Once Completed

BRIGHTWOOD GARDEN A Hyatt Hotel & $37 Million a Year in APARTMENTS Conference Center Tax Revenue

PEABODY STREET NW

NO. 1 BEAUTY SUPPLY THE FITNESS FACTORY MILITARY AVENUE NW BRIGHTWOOD LIQUOR STORE APPLE CARRY OUT EVA’S PLACE MISSOURI AVENUE MARKET

PAUL PUBLIC CHARTER SCHOOL

BRIGHTWOOD EDUCATION CAMPUS

MISSOURI AVENUE NW

EMERY HEIGHTS PARK BBQ BUS SMOKEHOUSE IMM THAI ON GEORGIA SIMPLE BAR AND GRILL GRAPHIC BOX TATTOOS REGGAE

TURNTABLE GEORGIA AVENUE NW

29 EMERY HEIGHTS COMMUNITY CENTER MADISON STREET NW 14TH STREET NW 14TH STREET 13TH STREET NW 13TH STREET

BRIGHTWOOD GARDEN COLORADO AVENUE NW APARTMENTS LONGFELLOW STREET NW SECOND WIND CROSSFIT

DELICIA’S MARKET NW 8TH STREET MORELAND’S TAVERN

UPTOWN AUTO CENTER KENNEDY STREET NW KENNEDY STREET COMMERCIAL CORRIDOR ODALIS RESTAURANT & BAR CHILDREN’S MEDICAL CARE CENTER

CORNER MARKET ELIAS INJERA & MARKET UNDER THE SUN HAIR STUDIO S&G WINE & LIQUORS JEFFERSON STREET NW CROWN BAKERY

HIWOT ETHIOPIAN RESTAURANT & BAR GLORY’S TOP FASHION SUNRISE CARIBBEAN EL PULGARCITO RESTAURANT & BAR

JEFFERSON LIQUORS GEORGIA AVENUE NW AVENUE GEORGIA INGRAHAM STREET NW NW AVENUE GEORGIA

SING LONG CARRYOUT HAMILTON LIQUORS WINE & SPIRITS CASTELLO FINE DINING RESTAURANT & LIVE JAZZ Downtown Downtown Downtown Silver Takoma (1.4 Miles) Takoma (1.4 Miles) Spring (2.6 Miles)

Friendship Heights (2.9 Miles) Bus Route 70

Bus Route E4

Bus Route D33, S2, S4 0.25-MILE

MISSOURI AVENUE NW

Bus Routes 52, 53, Fort Totten 54, D34, W45 (1.4 Miles)

GEORGIA AVENUE NW 16TH STREET NW STREET 16TH 14TH STREET NW 13TH STREET NW BRIGHTWOOD GARDEN APARTMENTS Downtown Washington, D.C. (3.8 Miles)

14th/U Street (2.9 Miles); Columbia Heights (2.1 Miles); Downtown Washington, Howard University (2.4 Miles); D.C. (3.8 Miles) KENNEDY STREET NW Downtown Washington, D.C. (3.8 Miles)

TRANSIT MAP

WALMART SUPERCENTER (0.3 MILES) CAPITAL BIKESHARE (0.3 MILES) 7 4 Downtown Silver Spring 18 1

17 410 13 BRIGHTWOOD GARDEN 19 20 21 APARTMENTS 3-MILE 2-MILE 1-MILE 500 16 11 355 14

2 5

15 10 8 6 1

3 50 9

AREA MAP

DEVELOPMENT HEALTH SERVICES SHOPPING & RESTAURANTS

1 The Parks at Walter Reed 8 Children’s National Hospital 15 DC USA

EDUCATION 9 Howard University Hospital 16 Fort Totten Square/Walmart 10 MedStar Washington Hospital Center 17 Safeway 2 American University 18 Takoma Central/Busboys and Poets/Republic 3 Howard University PARKS & RECREATION 19 The Collection at Chevy Chase 4 Montgomery College 11 Emery Heights Community Center 20 The Shops at Wisconsin Place 5 The Catholic University of America 12 Kastle’s Tennis Stadium 21 Walmart Supercenter 6 Trinity Washington University 13 Rock Creek Park Golf Course

7 University of Maryland 14 Rock Creek Park Tennis Center

INVESTMENT SALES CONTACTS CAPITAL MARKETS CONTACT

W. KYLE TANGNEY HERBERT SCHWAT DUTCH SEITZ JACK WHITMAN Senior Managing Director Director Investment Associate Finance Associate 202.280.2730 202.618.3419 202.869.3891 202.602.6304 [email protected] [email protected] [email protected] [email protected] D.C. SP98369974 D.C. SP98377485 D.C. SP200203000

7735 Old Georgetown Road | Suite 301 | Bethesda, MD 20814 202.280.2722 | www.greysteel.com

D.C. License No: REO98371301 Principal Broker | Ari Firooabadi | BR98371298

For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO | [email protected] | 202.417.3873 Offices Nationwide | License Information and Online Disclosures

Greysteel, seller, and their respective representatives make no representations or warranties, express or implied,regarding the accuracy or completeness of the information in this Offering. All references to acreage, square footage, distance, and other measurements are approximations and must be independently verified. Prospective purchasers shall be responsible for performing their own independent due diligence with respect to a possible transaction. This Offering is subject to prior placement, withdrawal, cancellation or modification without notice.