Historic Columbia Heights Building to Undergo Transformation Following Sale
The sale represents a major accomplishment after a decade of legal disputes and a Chapter 11 Voluntary Bankruptcy filing, as the property now transitions to a symbol of revitalization and community rejuvenation.
The building is known for its unique architectural features and historic significance, making it a key piece of the Columbia Heights community's heritage. The new owners plan to work closely with local housing organizations and engage with the community to ensure the redevelopment harmonizes with the neighborhood's character.
Nick Murray, Marty Zupancic and John Slowinski, investment specialists with the Zupancic Group of Marcus & Millichap, facilitated the complex transaction.
“This sale is a testament to the resilience and determination of all parties involved, including the former property owner, the tenants, and the new owners," said Murray, "We are honored to have been a part of this milestone achievement and look forward to witnessing the positive transformation of 2724 11th Street NW.”
“Over the decades, our team has developed a strong niche in helping to solve complex multifamily investment real estate problems,” adds Zupancic. “The challenges this apartment building faced in trying to transform itself from a physically vacant building with a massive cluster of legal issues into a cash-flowing, tax-generating asset were unheard of. We are glad it is reborn and can start fresh.”
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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, 2023, the company had 1,783 investment sales and financing professionals in over 80 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 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.