NOVO Properties Announces New Acquisition in Brightwood neighborhood of Washington, DC
Washington, DC – November 2019
NOVO Properties (NOVO) is pleased to announce the acquisition of 1320 Nicholson Street, a 24-unit multi-family property in the Brightwood neighborhood of Northwest, Washington, DC.
NOVO teamed with the Latino Economic Development Center (LEDC) to provide a development agreement that allows for a building renovation to occur while protecting the moderate-income tenants who live in the building. NOVO has become a trusted partner for tenant associations who are looking for developers to purchase and renovate their building.
“1320 Nicholson Street was a unique challenge. The building was in the midst of a rent strike and the tenant association wasn’t unified on the best path forward,” stated Greg Selfridge, Managing Partner of NOVO. “Ultimately, we were able to build a consensus amongst the different viewpoints and put together a win-win package for both the tenants and the developer.”
1320 Nicholson Street is located in the heart of the Brightwood neighborhood and just off the booming Georgia Avenue corridor. This submarket continues to see a significant amount of private and public investments in the immediate and surrounding areas.
For more information about this acquisition, please contact NOVO Properties at (301) 233-9090, 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 homes and development land throughout Washington, DC, Fairfax, Bethesda, Chicago, Charleston and Maryland’s Eastern Shore.