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 Carleton Terrace Apartments, a dynamic 32-unit multifamily asset located at 2371-2377 Champlain Street NW in Washington, D.C. The asset sold for $8,000,000, $250,000 per unit, and approximately $258.90 per existing square foot.
Dennis Cravedi 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, Carleton Terrace, LLC, and secured the buyer, a private investor, who secured the deal through a collaborative TOPA process with the existing tenants.
“This was certainly a unique deal, as it faced several external challenges over the past several years since going under contract in July 2020. Fortunately, despite TOPA delays during the Covid-19 pandemic, and then later skyrocketing interest rates with increased construction costs, we were continually able to navigate the obstacles and keep forward momentum, while also closing at the original contract price,” said Dennis Cravedi, first vice president investments.
Built in 1915, according to D.C. tax records, the property had been owned by the seller’s family for over 100 years. Carleton Terrace Apartments sits fully detached in a transit-oriented location, only 0.7 miles from the Woodley Park/Adams Morgan Metro Station. The three-story asset currently consists of 28 one-bedroom units and four two-bedroom units with an unfinished basement spread over approximately 30,900 gross square feet. The property is also situated on an approximately 19,876 square foot, RA-2 zoned lot allowing for additional density.
About Marcus & Millichap (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.