Overview
Newmark, as exclusive advisor, is pleased to present 2807 Connecticut Avenue NW (“2807 Connecticut” or the “Property”), a 38-unit, intern housing and co-living community located in the upscale Woodley Park neighborhood of northwest Washington, DC. Purpose built as student housing and operated as student and intern housing for many years, the building is ideally configured for ongoing student housing or co-living use.
The Property’s short term tenancy presents
investors with a truly unprecedented opportunity to
acquire a multifamily asset in Washington, DC,
while bypassing two key pieces of legislation
altogether: the Rental Housing Act of 1985 (DC Law 6-10) and the Tenant Opportunity to Purchase Act (TOPA). In doing so, new ownership will face no restrictions with regard to rent control and will be able to close on the Property in an efficient and timely manner.
2807 Connecticut is an ideal acquisition opportunity for student housing and co-living investors given the predominance of three bedroom units with large shared
spaces providing for both privacy and roommate interaction. The Property is two blocks north of the
Woodley Park Metro Station and is located
just steps from the Smithsonian National
Zoo and Rock Creek Park, and offers immediate
access to Connecticut Avenue’s busy sidewalk
cafes and eateries.
Investment Highlights
Exceptional Market Fundamentals and Sustained Growth
Demand for off-campus housing located close to universities continues to soar. 2807 Connecticut is located within minutes of five universities providing an unbeatable option for students, graduate students and young professionals alike.
Ideal Walkable Location
The Property is ideally located within blocks of Metro, restaurants, retail, the National Zoo and Rock Creek Park creating a perfect walkable environment.
Student, Graduate Student and Intern Housing Provides Unparalleled Financial Performance
Shared housing, given the unit mix, unit size and common area amenities generates the highest income possible.
STRENGTH OF STUDENT HOUSING MARKET
Student housing is a resilient, recession resistant asset class fueled by rising college enrollment and severely constrained supply. Occupancy rates and rents currently outpace traditional multifamily offerings. The Washington DC area is home to dozens of top colleges, universities, law schools and other types of graduate schools creating an extraordinary demand for student and short term housing.
FLEXIBLE & AFFORDABLE LEASE STRUCTURE
By offering semester and summer based lease terms and affordable shared housing, 2807 Connecticut has developed a variety of unique position in the DC Multifamily market with no competition.
MAXIMIZE NOI
The building's unit mix, largely 3 BR/2 BA apartments, provides the perfect configuration for student/intern housing or co-living. Lease revenue based on bedroom or bed count provides exceptional returns and steady income.
STRONG PROFITABILITY AS STUDENT & CO-LIVING BUILDING
2807 Connecticut has been used for intern, student and graduate student housing for decades, adapting to changes in demand and lifestyle needs of residents. This use drives exceptional income and profitability
STRONG DEMAND FOR OFF CAMPUS HOUSING
Off-campus student housing, which compromises 30% of student housing in the country, faces a significant shortage. Purpose built student housing located within easy proximity to colleges and universities, like 2807 Connecticut, is in high demand as the supply of new on campus housing faces capital expenditure and delivery delays. Off campus student housing that creates a sense of community and social belonging for students achieves superior results. 2807 Connecticut's purpose built layout with individual bedrooms, large in unit common areas and building meeting and gathering spaces provide students with these key benefits.
Photo Gallery
Sales Team
