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 4,323-square-foot multifamily apartment complex.
“It was a pleasure working with both the seller and buyer completing the transaction in this historic neighborhood of Washington, D.C. Similar, boutique properties in Capitol Hill rarely trade, so we are happy to have executed this assignment for all parties involved,” says Nick Murray, senior associate in Marcus & Millichap’s D.C. office.
The property, located at 623 A St NE, sits in a neighborhood offering abundant employment opportunities in both the public and private sector, nationally ranked universities, and seemingly endless recreational activities, sightseeing, and upscale dining. The Capitol Hill area is growing and developing exponentially, especially among young adults, creating a sophisticated and inspiring environment for new businesses and real estate.
The seller, a veteran-owned, short-term furnished housing provider, has been operating this property as a part of their larger portfolio in Capitol Hill for almost 30 years. “We were honored to have represented this group on the sale and are excited for what the buyer has planned for the property,” Murray noted. Along with Murray, Marty Zupancic, Joseph Tabb, Dennis Cravedi, and Eric Jentoft-Herr represented the seller, as well as sourced the buyer of the property.
The property gives its new owner the ability to capitalize on the dynamic professional landscape of Capitol Hill, one that houses many short-term, government contract workers. Conversely, young families are still able to take advantage of this space, as it has maintained its small-town charm and urban feel.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
