WASHINGTON, D.C., April 12, 2017– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Hilltop Apartments, a 106-unit apartment community in Washington, D.C., according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The $9.3 million sales price equates to $87,735 per unit.
“Deanwood is a transitioning neighborhood experiencing an influx of private and city investment,” says Cameron Webb, senior associate in Marcus & Millichap’s Washington, D.C. office. “The transaction presented a rare opportunity to acquire an apartment community, with an affordable housing component, in a highly sought after rental market given Deanwood’s recent development and growth.”
Hilltop Apartments is located at 908-922 Eastern Ave NE in Washington, DC. Built in 1966, the eight-building apartment community is composed of 52 one-bedroom units and 54 two-bedroom units. The property features 160 off-street parking spaces for residents.
“This transaction represented one of the largest multifamily deals in Deanwood in the past five years,” added Stacey Milam, senior vice president of investments in the firm’s Washington, D.C office.
Webb, Milam and J. Dominic Vito, investment specialist, procured the seller. While marketing the exclusive listing, the team garnered several competitive offers. The ultimate buyer was also secured by Webb with plans to maintain the affordable housing status and make substantial renovations to the building.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
