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Marcus & Millichap Announces $5 Million Sale of Columbia Heights Apartments

August 01, 2022

WASHINGTON, August 1, 2022 – 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 Elberon, a 19-unit apartment property located in the Columbia Heights neighborhood of Washington, D.C. The asset sold for $5 million, or $236,158 per unit.

“The Elberon provided a rare and unique opportunity for Ernst Equities to acquire a boutique Victorian property in the Columbia Heights neighborhood, where similar properties rarely trade,” says Marty Zupancic.

Zupancic, in addition to John Slowinski, Nick Murray and Eric Jentoft-Herr, had the exclusive listing to market the property on behalf of the seller. The buyer, Ernst Equities, was also secured by the team.

“Ernst Equities is thrilled to have acquired the Elberon,” says Felipe Ernst. “We have several assets in the vicinity and are always looking to boost our market share in the thriving Columbia Heights neighborhood. The asset is being delivered in great shape and we look forward to preserving the affordable housing stock in this great city.”

The Elberon was built in 1920 and is located at 1110 Columbia Road NW in Washington, D.C., only three blocks from the Columbia Heights Metro Station.

“Despite the rising interest rate environment and continued uncertainty about D.C.'s Housing Choice Voucher Program Rents, our team achieved a fantastic outcome for our client after running a comprehensive marketing process,” says Slowinski. “We exposed the deal to a diverse pool of buyers through our process and ensured no stone was left unturned.”

“Throughout the marketing process for the Elberon, we saw significant regulatory and macro-level economic volatility in the D.C. multifamily market,” adds Murray. “Our team was able to distill these changes down to provide clarity to buyers and articulate the property's upside despite the macro-level uncertainty.”

 

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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.

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