Portfolio

Location: Leesburg, VA

Property Type: Medical Office

Acquired: November 2017

Description: Gtown acquired this 69,156 square foot, 4-story Class A medical office property located in Lansdowne, VA within the Washington, D.C. MSA with prime geographic vicinity to the growing INOVA Loudoun Hospital.. At the time of purchase, the property had been in special servicing for 4 years and has had no leasing momentum due to the difficult CMBS REMIC regulations that the special servicer has to abide by. This presented an opportunity to create significant value by leasing and improving the property over the next 5 years.

Location: Richmond, VA

Property Type: Medical Office

Acquired: April 2018

Description: Gtown acquired this 40,303 square foot, 3-story Class B medical office property located in Richmond, VA within the Washington, D.C. MSA. The seller did not have the appetite to reinvest in the property which presented the opportunity for Gtown to step in and reposition the asset by modernizing the look and leasing to fewer, larger tenants. Located within the heart of Richmond’s West End Medical District, the region’s preeminent medical submarket. With continued demand and a restricted market supply, the rental rates and occupancy rates are expected to increase further in the coming years.

Location: Woodbridge, VA

Property Type: Multifamily

Acquired: February 2021

Description: Gtown acquired this 138 unit performing asset 25 miles from Washington, DC with in-place cash flow. The investment plan is to implement a value-add program on 75% of the property which remains in “classic” condition while capitalizing on the continued growth of Woodbridge, VA and the surrounding DMV area. This Property has a history of operating efficiently with high occupancy and Gtown intends to maintain this standard while performing unit upgrades.

Location: Virginia Beach, VA

Property Type: Multifamily

Acquired: December 2022

Description: The sponsorship team of Georgetown Partners and Riverbend Investments secured the 287 unit site at 149 S. Budding Ave and intend to complete the unit renovation program begun by the seller as well as upgrade the property’s amenities. Demand for housing in Virginia Beach combined with the macroeconomic environment has caused rents throughout this market to escalate at very strong rates.

Location: Virginia Beach, VA

Property Type: Multifamily

Description: Opportunity to invest in new Class-A development strategically located in the Scott’s Addition submarket of Richmond, VA. Opportunity Zone qualified investment which provides investors with an enhanced return and opportunity to defer tax on capital gains. Our business plan is to hold the property for 10 years. At the end of the 10-year hold the investor will enjoy the benefit of an untaxed gain at sale.

Location: Washington, DC

Property Type: Multifamily

Acquired: Sept 2019-Oct 2021

Description: This group of properties was acquired by Gtown over a 2 year period in the core of Washington, DC. Upon acquisition of the Property, Gtown has focused on continuing to maintain the property at a high level, renovating and increasing unit rents as they turn naturally. The DC Housing Authority’s Housing Choice Voucher Program (“HCVP”) provides an effective way for the Property to capture full market rent, a 21%-50% premium to in-place rent, as there is a shortage of affordable housing in Washington DC. Given that on average 70-80% of the rent is subsidized by the DC Housing Authority, the risk of payment delinquency is largely offset.

Location: Washington, DC

Property Type: Multifamily

Acquired: June 2022

Description: Gtown acquired this 73 unit stabilized performing asset in the highly sought after submarket of Chevy Chase in Washington, DC, one of the District’s most affluent and supply constrained areas that has left those looking to rent with limited options. This property was purchased at a cost basis well below replacement cost and offers significant value creation opportunity to grow rents as units turn based on rent control max achievable rates. Renovations and property wide capital improvements have been made to increase the desirability of the Property to market rate tenants.

Location: San Diego, CA

Property Type: Multifamily

Acquired: November 2021

Sold: July 2023

Sales Price: $5,835,000

Description: Gtown and local partner Russell Reeves Capital acquired this 22-unit multifamily apartment building centrally located near ground zero of City Heights’ new urban core in the city of San Diego. San Diego has no limits on the amount of density that can be added in certain areas and the business plan was to add 11 additional ADUs to this property. After an 18-month hold, we made a defensive decision to monetize this investment by divesting early because we had a short-term variable rate bridge loan, our only asset with this structure. We foresaw that a Q4 2023 refinance event would be difficult and, although we still deeply believed in the potential of the business plan, we prioritized the preservation of our investors’ capital and elected to exit, earning a high teens IRR for our investors.