Brown Gibbons Lang & Co. (BGL) has acquired a four-building multifamily portfolio in Washington, D.C., on behalf of RLP Investments.
In total, the portfolio consists of 51 units and 36,324 square feet of multifamily real estate, approximately 10 miles east of downtown Washington, D.C.
RLP plans to spend approximately $2 million to renovate all four buildings with a complete interior floor-to-ceiling upgrade of each unit, while also adding five additional units throughout the properties. With the upgrades, the average rental rates will be approximately 2.5x higher than the current rates, averaging $2.72 per square foot on a 713 square foot unit, or $1,940 per month.
The portfolio includes 711 49th Street NE (15 units comprising 9,921 square feet), 719 49th Street NE (8 units comprising 5,749 square feet), 5128 Sheriff Road NE (12 units comprising 8,878 square feet), and 5134 Sheriff Road NE (16 units comprising 11,686 square feet). All of the properties are
