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PR Newswire·

Global Asset Management Group Expands Washington, D.C. Contracted Real Estate Acquisition Pipeline to Approximately $21.25 Million

  • Global Asset Management Group (GAMG) announced an expansion of its Washington, D.C. real estate acquisition pipeline with three proposed transactions totaling approximately $21.25 million.
  • None of the proposed acquisitions have closed, as completion remains subject to financing, due diligence, required approvals, and other closing conditions.
  • The Cleveland Park portfolio is valued at $7.25 million and includes the 17-unit Macklin apartment building at 2911 Newark St. NW, along with two commercial retail properties at 3400 & 3412 Connecticut Ave. NW.
  • Management estimates the Cleveland Park portfolio could generate approximately $739,000 in annual net operating income after stabilization, based on preliminary underwriting assumptions.
  • GAMG entered an agreement for a multifamily property at 741-751 Longfellow St. NW valued at $8 million, previously assessed as a 41-unit building with plans for rehabilitation and potential unit conversions.
  • The company signed a purchase agreement for 112 Wilmington Place SE in Southeast Washington for $6 million, focusing on evaluating rehabilitation, system upgrades, and unit configuration changes.
  • GAMG plans to evaluate interior renovations, building-system upgrades, and the combination of smaller apartments into four- or five-bedroom residences to support occupancy and rental income.
  • The company intends to assess affordable housing opportunities, including potential participation in the Housing Choice Voucher Program, subject to engineering reviews and regulatory approvals.
  • Acquisitions will be held through special-purpose entities within GAMG's real estate platform, which aims to combine real asset ownership with recurring operating income.
  • CEO Richard Balles stated the focus is on acquiring assets with strong fundamentals to build a scalable portfolio supporting recurring income and sustainable shareholder value.
  • The press release includes forward-looking statements regarding estimated net operating income, financing, and property performance, noting that actual results may differ materially from current estimates.
Company
Global Asset Management Group
Keywords
Global Asset Management Group