Press Releases
Marcus & Millichap Arranges Sale of 70-Unit Multifamily Community in Northwest Washington, D.C.
July 28, 2025
WASHINGTON, D.C., July 28, 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 Concord Gardens, a 70-unit multifamily community located in the Brightwood neighborhood of Northwest Washington, D.C. The property sold for $4.5 million. Approximately 54 percent of the units were vacant at the time of sale, offering immediate repositioning potential.
“This was a complex and highly scrutinized asset, but we were able to step in, provide clarity to the market, and instill confidence in potential buyers,” said Ryan Murray, associate. “Despite the challenges of Chapter 11 bankruptcy, high vacancy, and significant distress, we navigated the process strategically and secured a successful sale in a short timeframe. It's a testament to the power of market knowledge and focused execution.”
Built in 1936, Concord Gardens consists of five contiguous garden-style apartment buildings, each with three stories and a basement. All units are one-bedroom, one-bathroom, averaging 650 square feet on a 0.93-acre lot. The new buyer, Georgia Builders, LLC, will be doing a full gut rehab on all five buildings in order to bring these affordable housing units back online.
“We are proud to have played a role in repositioning this multifamily asset, bringing fresh perspective and capital to a property in need,” stated Marty Zupancic, senior managing director investments. “This transaction not only revitalizes the asset but also supports the long-term stability and affordability of housing for the surrounding community.”
The property benefits from proximity to The Parks at Walter Reed, a $1 billion redevelopment project delivering new retail, residences and community amenities. Major thoroughfares such as Georgia Avenue and Military Road provide direct access to downtown Washington, D.C., as well as surrounding neighborhoods, including Bethesda, Silver Spring and Rock Creek Park.
“This was a complex and highly scrutinized asset, but we were able to step in, provide clarity to the market, and instill confidence in potential buyers,” said Ryan Murray, associate. “Despite the challenges of Chapter 11 bankruptcy, high vacancy, and significant distress, we navigated the process strategically and secured a successful sale in a short timeframe. It's a testament to the power of market knowledge and focused execution.”
Built in 1936, Concord Gardens consists of five contiguous garden-style apartment buildings, each with three stories and a basement. All units are one-bedroom, one-bathroom, averaging 650 square feet on a 0.93-acre lot. The new buyer, Georgia Builders, LLC, will be doing a full gut rehab on all five buildings in order to bring these affordable housing units back online.
“We are proud to have played a role in repositioning this multifamily asset, bringing fresh perspective and capital to a property in need,” stated Marty Zupancic, senior managing director investments. “This transaction not only revitalizes the asset but also supports the long-term stability and affordability of housing for the surrounding community.”
The property benefits from proximity to The Parks at Walter Reed, a $1 billion redevelopment project delivering new retail, residences and community amenities. Major thoroughfares such as Georgia Avenue and Military Road provide direct access to downtown Washington, D.C., as well as surrounding neighborhoods, including Bethesda, Silver Spring and Rock Creek Park.
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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.
