NOVO Properties Announces New NE, DC Acquisition

Washington, DC, April, 2018

 

NOVO Properties (NOVO) is pleased to announce the acquisition of 315 – 325 Franklin Street, a 76-unit multi-family property in NE Washington, DC.

 

315 – 325 Franklin Street (Panorama Courts) was acquired through a bankruptcy sale of Franklin Street Associates, a Sanford Capital affiliated property.  NOVO agreed to implement a court order housing code abatement plan and work with existing residents to improve the property.  Sanford Capital contributed to a fund to abate all existing housing and fire code violations.

 

Panorama Courts is located less than one mile from the Monroe Street Market and Catholic University.  Trinity Washington College is just blocks from the property and MRP’s major redevelopment project of the Rhode Island Avenue Sopping Center is less than ½ mile away.

 

“NOVO has been investing in the Rhode Island Avenue corridor since 2005 and this acquisition adds to our existing portfolio in the submarket.  We think Panorama Courts is a diamond in the rough and we look forward to making property wide improvements that will benefit the existing tenants and attract new residents to the buildings”, said Greg Selfridge, Managing Partner at NOVO.

 

This acquisition is the fifth DC multi-family asset NOVO has purchased since 2016.  NOVO has developed a positive reputation for working with Tenant Associations and tenant advocates to protect existing tenant rights while renovating and repositioning existing multi-family assets.

 

For more information about this acquisition, please contact NOVO Properties’ at (202) 315-1115, or visit the NOVO Properties website at www.LiveNovo.com.

 

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NOVO Properties is a multi-family owner, developer and property management company headquartered on Capitol Hill in Washington, DC. NOVO currently owns and manages a portfolio of approximately 2,000 apartment units throughout Washington, DC, Chicago, Charleston and the city of Cambridge on Maryland’s Eastern Shore.