Press Releases
Marcus & Millichap Arranges $5.3M Sale of Multifamily Property in Washington, D.C.
May 19, 2025
WASHINGTON, May 19, 2025 – 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 Modo Apartments, a mixed-use property comprised of 17 multifamily units and one ground-floor retail bay in Washington, D.C. The property sold for $5.3 million.
“We're proud to have successfully closed this sale in a challenging and uncertain market,” said Ryan Murray, Associate. “Despite the headwinds, we executed a proactive and sustained marketing campaign that kept interest high and ultimately led us to the right buyer.”
Murray, Marty Zupancic and Andrew Pacious, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, Rooney Properties.
“Our team has been very active in the Petworth multifamily market for almost two decades,” added Zupancic, Senior Vice President Investments. “Working with an owner as savvy and sophisticated as Rooney Properties on this disposition was refreshing and enlightening.”
Purchased by Gauhar Naseem, AG Capital, 3709 New Hampshire Ave. NW features 17 three-bedroom units and one ground-floor retail bay in Washington, D.C.’s Petworth neighborhood. Built in 2022, the 22,920-square-foot property sits directly across from the Georgia Ave-Petworth Metro Station and is within walking distance of numerous restaurants, retail shops and entertainment options. The buyer plans to stabilize the asset and lease the retail space amid early signs of market recovery and renewed investor interest in Petworth.
“We're proud to have successfully closed this sale in a challenging and uncertain market,” said Ryan Murray, Associate. “Despite the headwinds, we executed a proactive and sustained marketing campaign that kept interest high and ultimately led us to the right buyer.”
Murray, Marty Zupancic and Andrew Pacious, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, Rooney Properties.
“Our team has been very active in the Petworth multifamily market for almost two decades,” added Zupancic, Senior Vice President Investments. “Working with an owner as savvy and sophisticated as Rooney Properties on this disposition was refreshing and enlightening.”
Purchased by Gauhar Naseem, AG Capital, 3709 New Hampshire Ave. NW features 17 three-bedroom units and one ground-floor retail bay in Washington, D.C.’s Petworth neighborhood. Built in 2022, the 22,920-square-foot property sits directly across from the Georgia Ave-Petworth Metro Station and is within walking distance of numerous restaurants, retail shops and entertainment options. The buyer plans to stabilize the asset and lease the retail space amid early signs of market recovery and renewed investor interest in Petworth.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
