Greysteel, a national commercial real estate investment services firm, has been named exclusive advisor and agent for the sale of Highland Ridge Apartments, a 197-unit, multifamily property in Capitol Heights, MD.

Greysteel President & CEO, Ari Firoozabadi; Managing Director, W. Kyle Tangney; Senior Investment Associates Herbert Schwat, Ash Helmi and Ari Azarbarzin; and Investment Associate, Christian Alves are marketing the property on behalf of the owner, Franklin Capital Group.

Built in 1948 and completely renovated in 2005, Highland Ridge Apartments is situated on approximately 6.5 acres on the border of Washington, DC at 1201 Benning Road, Capitol Heights, Maryland. The community has been incredibly well maintained since the 2005 property-wide renovation with an additional $2.2M invested in infrastructure improvements within the last three years. Residents of the Highland Ridge Apartments benefit from its immediate proximity to a plethora of retail centers along Marlboro Pike featuring stores like Target, Petco, Marshalls and a vast array of other essential retailers along with Shoppers, CVS Pharmacy and fast casual dining options directly across the street from the community.

The community is only a short bus or car ride from Metro’s Blue/Silver Line Train (1.2 miles from the Benning Road Station) providing access to major employment centers in Downtown D.C., Maryland and Northern Virginia such as Joint Base Andrews and the Suitland Federal Center, which collectively employee almost 25,000 individuals. Motorists also benefit from the sprawling parking lot at the community and ease of access to Downtown D.C. via Benning Road, Pennsylvania Avenue and East Capitol Street.

“Highland Ridge Apartments is an incredible value add opportunity in the DC MSA directly off one of the District’s three major arteries connecting downtown to the regions east of the Anacostia River,” said W. Kyle Tangney. “Since current ownership completely renovated the community in 2005 upon acquisition, and recently invested $2.2M to proactively improve the property’s infrastructure, like the replacement of all individual HVAC units, a new owner can focus directly on revenue generating capital improvement projects. Our research shows there is an approximate $150 - $200 rent increase potential following a cosmetic unit renovation program.”

About Greysteel:

Greysteel is a commercial real estate and capital markets services firm with 11 offices located in New York, NY; Los Angeles, CA; Dallas, TX; Fort Worth, TX; Washington, D.C.; Philadelphia, PA; Phoenix, AZ; Denver, CO; Baltimore, MD and Norfolk, VA. Greysteel serves and advises private and institutional real estate investors and developers in the marketing, sale, and financing of private capital and middle-market real estate assets. www.greysteel.com