Global Asset Management expands Washington, D.C., property acquisition pipeline to $21.25 million
GAMG•Global Asset Management Group expanded its contracted Washington, D.C., property acquisition pipeline to approximately $21.25 million. None of the proposed acquisitions has closed, and completion is subject to financing, due diligence and required approvals.
1. Acquisition pipeline
The pipeline includes a $7.25 million Cleveland Park portfolio, which could generate approximately $739,000 in annual net operating income if planned improvements and stabilization are achieved. Other proposed purchases are 741-751 Longfellow St. NW for $8 million and 112 Wilmington Place SE for $6 million.
2. Planned improvements
Planned work would target occupancy and rental income, with potential apartment reconfigurations to create larger family residences. The acquisitions remain subject to financing, due diligence and required approvals.
