Investment Overview

The Opportunity Marcus & Millichap, as the exclusive listing agent approved by the Superior Court of the District of Columbia, is pleased to present Broadcast Apartments, a partially complete 144-unit Class A multifamily development project located in the heart of Tenleytown, Washington, DC. This asset is subject to a Ground Lease. This is a rare opportunity to acquire a large-scale, ready to complete development project in a supply-constrained, transit-oriented neighborhood with a high barrier to entry. The asset is positioned in a coveted location just one block from the Tenleytown-AU Metro Station and is surrounded by prime retail and restaurants, schools, and top-tier neighborhoods like Bethesda, Chevy Chase, Georgetown, and more. This location in a core DC submarket supports strong projected lease up rates and demand, mitigating potential risk and presenting exceptional upside for a developer. The Asset Broadcast Apartments is located at 4620-4624 Wisconsin Avenue NW. The property is designed to be an eight-story, Class A development totaling 161,347 gross square feet. The development is situated on a 23,522 square foot MU-4 zoned lot with frontage across Wisconsin Avenue NW, a major thoroughfare and retail hub of Washington, DC and Maryland. Upon completion, Broadcast Apartments will deliver 144 residential units and multiple retail bays spanning 11,328 sf. The residential units plan to consist of 37 studios, 84 one-bedrooms, 18 one-bedroom plus den units, and 5 two-bedroom/two-bathroom units. Market average rent comparables are as follows: $1,900 for studio units, $2,970 for one-bedroom units, and $4,434 for two-bedroom units. The three ground-floor retail bays fronting Wisconsin Avenue offer significant additional income potential and are ideal for strong neighborhood retail or national tenants. The property has plans for a fitness center, lobby, and laundry facilities, providing desirable, necessary amenities to meet rental demand. The development includes 58 below grade-parking garage spaces, and has plans for a fitness center, lobby, and laundry facilities. The Location Broadcast Apartments is located in Tenleytown, a well-established DC neighborhood with strong transit access, top schools, and a limited development pipeline. The property is one block from the Red Line’s Tenleytown-AU Metro Station, offering direct access to Downtown DC, Bethesda, and Silver Spring. The neighborhood offers extremely convenient access to Whole Foods (0.2 miles), Target (0.1 miles), CVS (500 feet), and other notable retail and restaurants. The property is also less than one mile from American University, supporting additional potential rental demand for the asset. Wisconsin Avenue NW is an established commercial corridor with high foot traffic, high-demand retailers and neighborhood favorite restaurants. The neighborhood has a relatively low-supply of rental properties and presents a high-barrier to entry, supporting long-term rent growth and asset value in the area. Broadcast Apartments is well positioned to benefit from a wide array of positive attributes the neighborhood has to offer, making this an extremely high-upside investment in a blue-chip neighborhood in DC.