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 four-unit apartment property located in Washington, D.C. The asset sold for $1.35 million, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office.
Joseph Tabb, Eric Jentoft-Herr and Marty Zupancic, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor. The listing team also secured and represented the buyer, a limited liability company.
“Although this was a challenging assignment, our experience allowed us to successfully navigate the sale of the asset for all parties involved,” said Tabb. “The property was previously listed for sale with another broker, but our comprehensive marketing process helped us achieve a value $350,000 higher than the previous broker.”
The subject property is located at 1017 P St NW in the flourishing Shaw neighborhood of Northwest Washington D.C. Newly built apartment buildings and hundreds of restaurants, both local and national, have converged on some of the neighborhood’s major corridors: 14th Street, U Street and Florida Avenue. Situated one block south of 11th Street and Rhode Island Avenue, the property is just an eight-minute walk from the Shaw-Howard University Metro Station, which services the green and yellow lines. Its buyer has the opportunity to add a valuable asset in a rapidly appreciating submarket of Northwest D.C. to their portfolio, positioning themselves to capitalize on the future growth of the area.
“Our team’s track record, market knowledge, expertise with Washington D.C.’s TOPA process and ability to articulate the complex realities of the D.C. multifamily market helped us successfully close this transaction,” Tabb added.
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.