Metro Located Boutique Apartment Building Changes Hands in Washington DC
WASHINGTON, D.C., Aug. 3, 2020 – 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 Griffin Apartments at Petworth Metro, a 49-unit multifamily building built in 2011 just steps away from Washington, D.C.’s Georgia Avenue-Petworth metro station. The property sold for $19,125,000 or $390,306 per unit, which represents a 4.68% cap rate.
“The asset’s continued strong performance, coupled with the presence of favorable assumable debt, created a solid platform for our team to broker this transaction into the hands of the winning bidder and new owner,” said Christian Barreiro, senior associate in Marcus & Millichap’s Washington, D.C. office. “We are extremely pleased to be able to deliver such a positive result for our client amid the challenges caused by COVID-19.” Barreiro and Marty Zupancic, first vice president investments, brokered the sale between seller, an entity under the control of Donatelli Development, and the buyer, Viking Capital, a private equity fund based in Virginia.
Griffin Apartments is across the street from the Petworth Safeway and the Georgia Avenue-Petworth metro station, which serves the Green and Yellow line trains. The apartment building consists of luxury one- and two-bedroom residences with community amenities that include an Amazon Hub package delivery system and an underground parking garage with 19 parking spaces. Chris Donatelli, managing member of the seller’s holding entity, stated: “My partners and I are very happy that we chose The Zupancic Group of Marcus & Millichapto navigate the marketing and sale of this multifamily asset. They performed exceptionally well, especially considering the challenges caused by the global health pandemic.”
The sale is second of two transactions in which Zupancic and Barreiro represented Donatelli Development in the Petworth Metro submarket in the past 12 months. In November 2019, they brokered the sale of 3825 Georgia, a 32-unit building that sold for a 4.50% cap rate.
“COVID-19 has not slowed us down,” commented Zupancic. “The market is strong and the appetite for multifamily continues to outweigh the supply of product available to purchase. We are extremely happy with the financial results that we have achieved for our client and the fact that we crossed the finish line despite the COVID-19 health pandemic.” The sale is the 20th transaction The Zupancic Group of Marcus & Millichap has completed in the Petworth submarket over the past several years.
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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.