QUASAR Acquires 72-Unit Portfolio in Northeast Washington, DC

WASHINGTON, Dec. 9, 2024 /PRNewswire/ -- QUASAR is pleased to announce the successful acquisition of an owner-distressed multifamily portfolio of 72-units located at the intersection of North Capitol Street and Hawaii Avenue in Northeast Washington, DC. The portfolio included: 65 Hawaii Ave NE, 69 Hawaii Ave NE, 73 Hawaii Ave NE, 77 Hawaii Ave NE, 81 Hawaii Ave NE, 85 Hawaii Ave NE, 97 Hawaii Ave NE, 66 Webster Ave NE and 98 Webster Ave NE.

QUASAR received an offer to acquire the note of the properties on September 10, 2024, and promptly raised the necessary funds by September 16, 2024. The transaction traded for $7.37 million or an estimated $102,000 per unit. QUASAR foreclosed on the properties and took possession on December 9, 2024.

QUASAR has identified a growing trend in the market where owner-distressed assets have become increasingly available due to a combination of factors. "We are incredibly excited to complete this deal and acquire these assets for pennies on the dollar," said Kenneth Brown, CEO and Chairman of QUASAR. "Our investment thesis focuses on identifying properties that have been mismanaged or overlooked, particularly in a market where previous low interest rates led to a rise of poor underwriting and market participation by inexperienced operators. This acquisition aligns perfectly with our strategy, allowing us to apply our expertise and generate significant value for our investors."

Phil Dawit, Managing Director of QUASAR, added, "We successfully raised the necessary funds within a week, demonstrating our team's efficiency and the strong belief our investors have in our vision. Our goal is to deliver substantial value to our stakeholders. Moreover, we plan to raise additional funds to continue acquiring assets at attractive prices, capitalizing on current market conditions and our ability to identify opportunities."

About QUASAR

QUASAR is a vertically integrated global real estate investment firm. Over its 15-year history, QUASAR has demonstrated its expertise and has delivered exceptional service to its stakeholders. QUASAR aims to optimize value by harnessing its operational proficiencies and prioritizing their fundamental strengths in acquisitions, brokerage, development, financing and management.

QUASAR was born out of the 2008 Global Financial Crisis. Former JP Morgan Chase's top producer, Kenneth Brown, founded the company in anticipation of the market distress that would emerge from what became the Subprime Mortgage Crisis. Mr. Brown utilized the QUASAR platform to acquire distressed assets for a private group of stakeholders and delivered them exceptional returns. Witnessing the platform's growth, Mr. Brown subsequently broadened QUASAR's service and capital partnerships. Today, QUASAR has strategically evolved to extend its services on a global scale.

To learn more about QUASAR, please visit www.quasarrealestate.com

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SOURCE QUASAR