WASHINGTON, D.C., June 28, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced it has closed two multifamily buildings sales totaling 172 units in the Brightwood and 16th Street Heights neighborhoods of Northwest Washington, D.C.
Marty Zupancic, first vice president investments, and Christian Barreiro, senior associate in Marcus & Millichap’s Washington, D.C. office brokered the transactions between the seller, an affiliate of Poretsky Building Group that is focused on providing affordable housing, and the buyer, an entity managed by Urban Investment Partners. The transactions took approximately 15 months to close as they were both subject to lengthy Tenant Opportunity to Purchase Act negotiations that culminated with an agreement between Urban Investment Partners and the tenant associations. The two properties sold for a total of $20,322,000.
Walter Reed Apartments is located at 6939 Georgia Avenue NW at the entrance of The Parks at Walter Reed, the in-progress 66-acre redevelopment of the Walter Reed Army Medical Center that will include over 3.1 million square feet of mixed-use development. “The Walter Reed development was certainly an influencing factor in the sales,” said Barreiro. “This large-scale project will redefine the neighborhood and serve as a major economic driver for years to come.” Longfellow Apartments, with its attractive street presence, is located less than a half-mile east of Rock Creek Park in the16th Street Heights neighborhood of D.C at 5521 Colorado Avenue NW.
The sales represent the 19th and 20th multifamily transactions, which together total over 700 units that Marcus & Millichap’s Zupancic team has completed in recent years in this section of Northwest Washington. “We have been extremely active in the Brightwood and Petworth neighborhoods over the years and things have heated up significantly since the massive Walter Reed project has made visible progress,” commented Zupancic. “We are very pleased that the sellers, buyers and tenant associations all walked away from these sales with positive outcomes.”
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With more than 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 9,726 transactions in 2019 with a value of $49.7 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.