NOVO Properties Announces sale of Ames Street Apartments in Washington, DC

Washington, DC – September 2019

 

NOVO Properties (NOVO) is pleased to announce the sale of the Ames Street Apartments, a 73-unit apartment community in Northeast Washington, DC.

NOVO purchased the Ames Street Apartments in 2007 and oversaw a significant renovation program while benefitting from the public and private investments that have flooded to Northeast, Washington, DC and the Minnesota Avenue corridor.

“It’s amazing to have witnessed the change in perception and interest in the River Terrace submarket. The District Government has invested large amounts of attention and resources in this area, as witnessed by the recent completion of the Solstice Apartments adjacent to the Ames Street Apartments,” stated Greg Selfridge, Managing Partner of NOVO.  “Institutional Capital is now competing with private investors to get a toehold in this rapidly changing submarket.”

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.