SoNYa

About SoNYa

Cushman & Wakefield’s Mid-Atlantic Multifamily Advisory Group is pleased to present the opportunity to acquire and/or recapitalize SoNYa, a Class A multifamily community located in the heart of NoMa, one of Washington, D.C.’s fastest-growing live/work neighborhoods. Delivered in 2023, the property offers a best-in-class living experience with modern unit finishes and a highly curated amenity package. SoNYa is further differentiated by its location within walking distance of a dynamic mix of retail, dining, and daily needs amenities. Residents benefit from seamless connectivity via the NoMa/Gallaudet U Metro Station and proximity to Union Station, providing direct access to the East End, Capitol Hill, and the region’s primary employment corridors. The surrounding area is anchored by a diverse employment base including major public and private institutions such as Google and Securities and Exchange Commission (SEC), supporting long-term renter demand. The property is supported by strong local demographics, including high household incomes, a highly educated renter base, and a young professional population. Multifamily development economics have become increasingly challenging due to rising construction costs and elevated financing rates. SoNYa is being offered significantly below replacement cost, as an asset of SoNYa’s quality, scale, and location would cost more than $500k/unit to replicate. As a result, the development pipeline is non-existent in the NoMa submarket supporting rent growth and robust occupancy. Additionally, SoNYa’s effective rents are on average 22% below the top of the market rent comparables, allowing for a mark-to-market increase. Recent legislative changes under the DC Rental Act, including TOPA reform and expedited eviction processes, are expected to enhance operational efficiency in the District, particularly for newer vintage assets such as SoNYa. A weighted average occupancy of 97% was recently achieved among comparable properties to SoNYa. With strong occupancy in competing product, SoNYa has seen 8.5% renewal increases in the first half of 2026.