SVN | Motley $3.1 million Northside Sale Featured in BizSense
J. Elias O’Neal
Following a streak of developers and commercial tenants into Brookland Park, a local lawyer and his wife have placed their bet on the Northside neighborhood.
TJC Realty, a company comprised of Tom and Jill Voekler, earlier this month purchased a 26-unit apartment building at 401 E. Brookland Park Blvd., and a 28-unit complex 2 miles north at 4301-4313 North Ave.
They paid a combined $3.1 million for the 54-unit portfolio in a deal that closed Sept. 1, said SVN | Motley’s broker Seth Marinoff, who handled the transaction.
“We’ve been watching the properties for quite a while,” said Voekler, an attorney with Shockoe Slip law firm Kaplan Voekler Cunningham & Frank. “The location of the property … especially being in Brookland Park, really appealed to us.”
Combined, the properties were valued by a city assessment at $3.13 million.
Both apartment buildings are 90 percent occupied and generating income, Voekler said, with plans to rehab the units as needed once leases come up for renewal – a process that could take six to 12 months and cost $50,000 to $100,000.