Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the foreclosure sale of 1225 Clifton Street NW, a 19-unit apartment property located in Washington, D.C., according to Brian Hosey, regional manager of the firm’s Washington, D.C. office. The asset sold for $4,350,000.
Marty Zupancic, Dennis Cravedi, Eric Jentoft-Herr, Joseph Tabb, and Nick Murray, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property auction on behalf of the lender, Invictus Capital Partners. Zupancic and his team helped to secure the winning bidder at the foreclosure auction, a local multifamily investor who is very active in the D.C. submarket. The buyer purchased this property through a single-purpose LLC.
“Our team developed and executed an innovative, customized solution that leveraged our team’s strengths in the distressed asset sector of the multifamily investment sales market. We were able to produce the results that our client, the lender, required in a challenging time in the current real estate climate. We are very happy with the results,” said Zupancic, senior vice president investments.
1225 Clifton Street NW is located in a high-barrier-to-entry submarket, as very few multifamily properties with more than ten units have traded in the past five years. Furthermore, there have been dozens of condominium conversions in the submarket over the past decade, which is limiting the supply of smaller apartment stock.
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, 2022, the company had 1,904 investment sales and financing professionals in 81 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 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
