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Multifamily

Marbury Plaza

2300 Good Hope Rd SE, Washington, DC 20020

Listing Price: Request For Offer

Number of Units
674
Gross SF
1,197,076

Investment Overview

OFFERING OVERVIEW
Marcus & Millichap, as the exclusive listing agent approved by the United States Bankruptcy Court for the District of Columbia, is delighted to introduce Marbury Plaza. The sale is subject to a Chapter 11 Bankruptcy process. The offering presents an investor with the opportunity to acquire a multifamily asset with a Certificate of Occupancy for 672 apartment units without being subject to the Tenant Opportunity to Purchase Act (TOPA) process due to the property’s bankruptcy status, which qualifies for exemption from TOPA as defined in §42-3404.02 of DC code. Nestled just steps away from major local developments in Anacostia and Skyland Town Center, Marbury Plaza offers easy access to premier DC neighborhoods like Navy Yard and Capitol Hill, all within a 10-minute drive. Once revered as one of the most prestigious addresses in DC, Marbury Plaza was home to famous former residents such as Isaac Hayes, as well as numerous elite doctors and lawyers. Today, it presents a unique investment opportunity with a rich history and immense future potential. Recent significant capital expenditures have been directed toward the property’s mechanical and structural elements, reducing immediate costs for prospective investors, but still providing a rare value-add opportunity with significant scale in Washington, DC.

THE ASSET
Marbury Plaza, located at 2300-2330 Good Hope Road SE, stands as an impressive 1,197,076 gross square foot asset, positioned on a 10.18 acre lot and comprised of nine (9) distinct buildings housing a total of 674 units. Occupying a generous 443,571 square foot lot with RA-2 zoning, this community offers a wide range of community amenities which include controlled access entries, two large welcoming lobbies, convenient laundry facilities in each building, an on-site market & deli, community event room, outdoor swimming pool, landscaped courtyards, ample outdoor and garage parking, and onsite security. Marbury Plaza features an ideal unit mix of large studio, one-bedroom, one-bedroom den, two-bedroom/one-bath, and two-bedroom/two-bath units with an average square footage of 1,014 SF. Apartments offer floor-to-ceiling windows with panoramic views of the DC and Virginia skyline, balconies, full appliance suites, and ample closet space. Current ownership has invested ~$14 Million in recent capital improvements, including but not limited to roof replacements, complete elevator modernization, new hot water boilers and expansion tanks, chillers, exterior lighting, and access control systems, mailboxes, and the addition of a Coegen backup generator system. Marbury Plaza offers substantial value-add potential through multiple different strategies, and its prime location in a rapidly growing neighborhood positions it for future expansion and enhancement.

THE LOCATION
Marbury Plaza is poised to reap ongoing benefits from the dynamic development landscape in its vicinity. Notably, it stands to gain directly from the growth of Skyland Town Center, as well as the continuous expansion of the nearby Anacostia neighborhood which has seen a surge in restaurants and retail establishments, including renowned names such as Capital One Cafe, Busboys and Poets, Starbucks, and the beloved local hotspot, Kitchen Savages, all contributing to the thriving culinary and shopping scene in southeast DC. Less than half a mile or a 10-minute walk from Marbury Plaza, lies Skyland Town Center, slated to become the largest retail hub in southeast Washington, DC. Recent highlights of this development include eagerly awaited retail openings like Lidl, CVS Pharmacy, Chase Bank, Roaming Rooster, &pizza, Mezeh, Starbucks, Tropical Smoothie Cafe, and Fuji Hibachi & Sushi. The Crest, a complex featuring ground-floor retail and 263 multifamily units, made its debut in 2021. When fully realized, this 18-acre development will encompass over 137,000 square feet of retail space and more than 400 residential units, further enhancing the vibrancy of the area.

Investment Highlights

  • CHAPTER 11 BANKRUPTCY - NOT SUBJECT TO TOPA
  • APPROXIMATELY $14M IN RECENT CAPITAL EXPENDITURES WITH SIGNIFICANT VALUE-ADD POTENTIAL
  • DIRECT ACCESS TO DOWNTOWN DC, NAVY YARD, WHARF, AND CAPITOL HILL
  • STEPS FROM MAJOR DEVELOPMENTS SUCH AS SKYLAND TOWN CENTER AND ST. ELIZABETH'S EAST
  • NUMEROUS AMENITIES OFFERED INCLUDING PLENTY OF PARKING, SWIMMING POOL, AND MUCH MORE
  • FAVORABLE UNIT MIX - SPACIOUS UNITS AVERAGING 1,014 SF

Exclusively Listed By

  • Marty Zupancic

    Senior Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

    License(s): MD: 5002965, DC: SP200205349

    Washington, D.C.

  • Nick Murray

    Senior Associate

    (202) 536-3784

    Email Nick

    License(s): DC: SP98379654, VA: 0225240410

    Washington, D.C.

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Multifamily

Marbury Plaza

Listing Price: Request For Offer

Number of Units
674
Gross SF
1,197,076

Investment Highlights

  • CHAPTER 11 BANKRUPTCY - NOT SUBJECT TO TOPA
  • APPROXIMATELY $14M IN RECENT CAPITAL EXPENDITURES WITH SIGNIFICANT VALUE-ADD POTENTIAL
  • DIRECT ACCESS TO DOWNTOWN DC, NAVY YARD, WHARF, AND CAPITOL HILL
  • STEPS FROM MAJOR DEVELOPMENTS SUCH AS SKYLAND TOWN CENTER AND ST. ELIZABETH'S EAST
  • NUMEROUS AMENITIES OFFERED INCLUDING PLENTY OF PARKING, SWIMMING POOL, AND MUCH MORE
  • FAVORABLE UNIT MIX - SPACIOUS UNITS AVERAGING 1,014 SF

Investment Overview

OFFERING OVERVIEW Marcus & Millichap, as the exclusive listing agent approved by the United States Bankruptcy Court for the District of Columbia, is delighted to introduce Marbury Plaza. The sale is subject to a Chapter 11 Bankruptcy process. The offering presents an investor with the opportunity to acquire a multifamily asset with a Certificate of Occupancy for 672 apartment units without being subject to the Tenant Opportunity to Purchase Act (TOPA) process due to the property’s bankruptcy status, which qualifies for exemption from TOPA as defined in §42-3404.02 of DC code. Nestled just steps away from major local developments in Anacostia and Skyland Town Center, Marbury Plaza offers easy access to premier DC neighborhoods like Navy Yard and Capitol Hill, all within a 10-minute drive. Once revered as one of the most prestigious addresses in DC, Marbury Plaza was home to famous former residents such as Isaac Hayes, as well as numerous elite doctors and lawyers. Today, it presents a unique investment opportunity with a rich history and immense future potential. Recent significant capital expenditures have been directed toward the property’s mechanical and structural elements, reducing immediate costs for prospective investors, but still providing a rare value-add opportunity with significant scale in Washington, DC. THE ASSET Marbury Plaza, located at 2300-2330 Good Hope Road SE, stands as an impressive 1,197,076 gross square foot asset, positioned on a 10.18 acre lot and comprised of nine (9) distinct buildings housing a total of 674 units. Occupying a generous 443,571 square foot lot with RA-2 zoning, this community offers a wide range of community amenities which include controlled access entries, two large welcoming lobbies, convenient laundry facilities in each building, an on-site market & deli, community event room, outdoor swimming pool, landscaped courtyards, ample outdoor and garage parking, and onsite security. Marbury Plaza features an ideal unit mix of large studio, one-bedroom, one-bedroom den, two-bedroom/one-bath, and two-bedroom/two-bath units with an average square footage of 1,014 SF. Apartments offer floor-to-ceiling windows with panoramic views of the DC and Virginia skyline, balconies, full appliance suites, and ample closet space. Current ownership has invested ~$14 Million in recent capital improvements, including but not limited to roof replacements, complete elevator modernization, new hot water boilers and expansion tanks, chillers, exterior lighting, and access control systems, mailboxes, and the addition of a Coegen backup generator system. Marbury Plaza offers substantial value-add potential through multiple different strategies, and its prime location in a rapidly growing neighborhood positions it for future expansion and enhancement. THE LOCATION Marbury Plaza is poised to reap ongoing benefits from the dynamic development landscape in its vicinity. Notably, it stands to gain directly from the growth of Skyland Town Center, as well as the continuous expansion of the nearby Anacostia neighborhood which has seen a surge in restaurants and retail establishments, including renowned names such as Capital One Cafe, Busboys and Poets, Starbucks, and the beloved local hotspot, Kitchen Savages, all contributing to the thriving culinary and shopping scene in southeast DC. Less than half a mile or a 10-minute walk from Marbury Plaza, lies Skyland Town Center, slated to become the largest retail hub in southeast Washington, DC. Recent highlights of this development include eagerly awaited retail openings like Lidl, CVS Pharmacy, Chase Bank, Roaming Rooster, &pizza, Mezeh, Starbucks, Tropical Smoothie Cafe, and Fuji Hibachi & Sushi. The Crest, a complex featuring ground-floor retail and 263 multifamily units, made its debut in 2021. When fully realized, this 18-acre development will encompass over 137,000 square feet of retail space and more than 400 residential units, further enhancing the vibrancy of the area.

Exclusively Listed By

  • Marty Zupancic

    Senior Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

    License(s): MD: 5002965, DC: SP200205349

    Washington, D.C.

  • Nick Murray

    Senior Associate

    (202) 536-3784

    Email Nick

    License(s): DC: SP98379654, VA: 0225240410

    Washington, D.C.

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

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