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QUASAR Acquires 72-Unit Multifamily Portfolio in Northeast Washington, D.C.

QUASAR, a prominent global real estate investment firm, has officially announced the acquisition of a multifamily portfolio consisting of 72 units located in the heart of Northeast Washington, D.C. This acquisition, a part of QUASAR's ongoing strategy to identify and invest in distressed properties, was executed on December 9, 2024. The properties involved span several addresses, primarily situated at the intersection of North Capitol Street and Hawaii Avenue.

Acquiring Distressed Assets

The motivation behind this investment stems from an increasing availability of owner-distressed assets in the real estate market. Quasar recognized the potential value in these properties, which were previously underperforming due to poor management. These units, strategically acquired for an estimated price of $102,000 each — totaling $7.37 million — have been seen as a significant opportunity rather than a liability.

Kenneth Brown, the CEO and Chairman of QUASAR, expressed his excitement about this acquisition, stating, “Our investment strategy has always focused on mismanaged properties. The current market conditions, influenced by a shift in the economic landscape post-low interest rate era, have created opportunities that we are keen to leverage.” He also highlighted how past experiences during the 2008 subprime crisis have equipped them to recognize investment opportunities amidst market distress.

Rapid Fundraising and Efficiency

The acquisition process was notably swift; QUASAR managed to secure the necessary funds for this purchase in less than a week following the offer made on September 10, 2024. Phil Dawit, Managing Director of QUASAR, noted, “Raising the required funds so quickly reflects both our team's efficiency and the strong enthusiasm of our investors regarding our vision. We aim to deliver valued returns to our stakeholders, and this acquisition aligns perfectly with our mission.”

Future Investment Strategies

Looking ahead, QUASAR plans to raise additional capital to continue its trajectory of acquiring undervalued properties, capitalizing on their established market insight. The firm aims to convert these distressed assets into profitable ventures, thereby benefiting both the company and its investors. QUASAR’s legacy and track record of operational success are testaments to its commitment to excellence in the real estate sector.

About QUASAR

Founded by Kenneth Brown, a former top producer at JP Morgan Chase during the 2008 financial upheaval, QUASAR has evolved into a comprehensive real estate investment firm. With 15 years of experience, its services span acquisitions, brokerage, development, and management on a global scale.

For more information on QUASAR and its investment approach, visit QUASAR's website.