Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of a six-unit apartment building located at 1311 Rhode Island Ave, NW Washington, DC 20005. The asset sold for $2,270,500 at a cap rate of 5.26 percent, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office .
Franklyn J. Palau, an investment sales broker in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, JGY Rhode Island Ave, LLC. The buyer, Steward Management, LLC, was also secured and represented by Palau.
“This was a seamless transaction experience from beginning to end due to the efficient communication between all parties involved,” said Palau. “We are incredibly grateful for the opportunity and the confidence both buyer and seller shown in our team.”
The subject property is a six-unit, three-level mid-19th century Victorian Gothic architecture-style apartment building located within Washington D.C.’s Logan Circle Historic District, which has its commercial vitality centered along the 14th and U-Street corridor. Logan Circle’s submarket combines an extensive array of amenities, high-end dining, retail, entertainment and other fundamentals for the city’s growing population.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
