StoneBridge acquired the Glenwood Apartments in 2014. Located in the Eckington neighborhood of Washington, DC, the property is within walking distance to the Rhode Island Avenue Metro as well as the constantly growing collection of restaurants and retail in the immediate area. Upon takeover, the property suffered from numerous outstanding Washington, DC housing code violations, a large amount of deferred maintenance, and significant vacancy and delinquency. Over the first six months of ownership, the housing violations were cured and delinquency substantially reduced. Once stabilized, we began a systematic upgrade of the building, including structural enhancements, major infrastructure improvements, landscaping overhaul, addition of new amenities, rehabbed lobbies and hallways, and full interior unit upgrades.
After successful implementation of the business plan, Glenwood was sold to a private investor in early 2020.