Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced they have been exclusively retained to facilitate the sale of a 24-unit multifamily apartment building located in the 16th Street Heights/Brightwood neighborhood of northwest Washington, DC. The seller will be represented by Marty Zupancic, first vice president investments, and Christian Barreiro, senior associate, both of The Zupancic Group. Located at 1320 Nicholson Street NW, the building is currently under a rent strike organized by the tenants.
The property has been owned by the family of the current owner, Michael Lesesne, since 1981. Mr. Lesesne, who inherited the building in 2011, had himself lived in the building for over 20 years. Approximately 6 years ago, Mr. Lesesne was diagnosed with stage 4 cancer, resulting in him seeking extensive treatment including a bone marrow transplant. The owner’s serious health concerns have caused him to be more distant from the property and have contributed to his decision to help transition the asset to an owner who is more capable of tending to the building and needs of the tenants.
“This is a unique opportunity as the asset will draw attention from buyers with a wide variety of investment strategies and mission statements, including affordable housing providers. We are excited to represent the owner during this transition period to a new owner and a new era for the tenants,” said Christian Barreiro.
“Washington, DC rent control laws and rising upkeep costs have directly impacted the amount of income the building produces, which are also contributing factors to the owner’s decision to sell. Given that the property will have to go through the Tenant Opportunity to Purchase Act (TOPA) before a transfer of ownership can occur, we are glad that the tenants will have a voice during this sale process,” added Marty Zupancic.
This opportunity depicts a consistent and growing trend of capital investments into multifamily properties in the Brightwood neighborhood of Washington, DC. Upon closing, this sale will represent the fourth transaction The Zupancic Group of Marcus & Millichap has facilitated in Brightwood this year.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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
