Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 101 41st St. NE, a 14-unit apartment property located in Washington, D.C., according to Matthew Drane, regional manager of the firm’s Washington, D.C. office. The asset sold on February 14th, 2019 for $1,200,000, or $85,714 per unit, after going under contract in 2017.
Grant Fitzgerald, senior associate and Marty Zupancic, first vice president investments, in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private individual. The buyer, a private investor in partnership with the tenants, was secured via the TOPA Process by Grant Fitzgerald and Marty Zupancic.
The property went under contract in 2017 with another purchaser but ultimately sold via the TOPA process to a private investor who was vetted by the tenants’ association. “We’re thrilled to get this closed for our client, the seller, a D.C. resident and taxi driver who has invested wisely throughout his career and now looks forward to retirement and more time with his family,” says Fitzgerald. According to Zupancic, “The purchaser who partnered with the tenants on this transaction has a solid track record of improving D.C. apartment buildings and so the building is in good hands.”
The property is located at 101 41 St. NE in Washington, D.C., which is approximately a 10-minute walk to both the Benning Road and Minnesota Avenue Metro Stations. The building consists of 14-units, including seven two-bedroom units and seven one-bedroom units.
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
