Executive summary
Berkadia is pleased to announce the sale of Harvard Village (85-Units) and Park East (88-units), two well-maintained properties located within the sought-after Adams Morgan neighborhood of Northwest Washington, D.C. These properties are offered for sale collectively or can be purchased individually.
Harvard Village and Park East are uniquely positioned within Adam Morgan’s quiet, tree-lined streets, giving a true residential feel while also being walkable to a variety of amenities including the Smithsonian’s National Zoo (3-minute walk), 18th Street retail corridor (5-minute walk), Columbia Heights (10-minute walk), and the U Street / 14th Street corridor (15-minute walk). This highly desirable residential location offers a distinct blend of bars, restaurants, entertainment, and nightlife, while the immediate location provides the coveted calm, privacy, and greenery of a residential neighborhood.
Harvard Village and Park East present the opportunity to acquire two stable cash-flowing assets, within a supply constrained submarket with strong historic occupancy, and value-add upside through an in-unit focused strategy to increase top line revenue.
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
4445 Willard Ave | Suite 1200 | Chevy Chase, MD 20815
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BRIAN CRIVELLA
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
YALDA GHAMARIAN
Senior Director
240.462.2332
yalda.ghamarian@berkadia.com
BILL GRIBBIN
Senior Director
301.580.6486
bill.gribbin@berkadia.com
INVESTMENT SALES
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
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Investment Highlights
Opportunity to increase top line revenue by implementing an in-unit value add program
STRONG SUBMARKET HISTORICAL OCCUPANCY - 95%+
in-unit value-add update
ideal live, work, play location
1940
built
Courtyard With Tables
Laundry Facilities
Fitness Center
Pet Friendly
community amenities
Balcony*
Dish Washer
Upgraded Kitchens*
Stainless Steel Appliances*
Premium Hardwood Flooring
In-Unit Washer / Dryer*
*Select Units
in-unit features
harvard village
harvard village
$6.2M (HARVARD VILLAGE) AND $3.7M (PARK EAST) OF CAPEX SPENT ON
HE PROPERTIES
well-maintained properties
Offered Below
Replacement Cost & NO FUTURE SUPPLY
© 2023 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage loan brokerage business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit: www.berkadia.com/legal/licensing
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harvard village
Park east
1829 Summit Pl. NW,
Washington, D.C. 20009
1845 Summit Pl. NW,
Washington, D.C. 20009
&
85
UNITS
771 SF
avg UNIT size
100%
occupancy
97%
occupancy
549 SF
avg UNIT size
88
UNITS
1962
built
park east
Gas Ranges
Hardwood Flooring*
Individual Climate Control
In-Unit Washer / Dryer*
Tile Floors in Bath and Kitchen*
Walk-In Closets*
*Select Units
in-unit features
24 Hour Fitness Center
Laundry Facilities
Outdoor Grilling Area
Outdoor Picnic Area
Clubroom
Package Hub
community amenities
park east
$6.2M (HARVARD VILLAGE) AND $3.7M (PARK EAST) OF CAPEX SPENT ON THE PROPERTIES
well-maintained properties
Opportunity to increase top line revenue by implementing an in-unit value add program
in-unit value-add update
Offered Below
Replacement Cost
& NO FUTURE SUPPLY
ideal live, work, play location
STRONG
SUBMARKET
HISTORICAL
OCCUPANCY - 95%+
Investment Highlights
97%
occupancy
549 SF
avg UNIT size
88
UNITS
1962
built
park east
100%
occupancy
771 SF
avg UNIT size
85
UNITS
1940
built
harvard village
park east
