Woodley Park apartment building sells for $7.25 million
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, today announced the sale of The Rochelle, an asset 20-unit multi-family home located at 2800 Connecticut Avenue NW in Washington. The asset sold for $7,250,000, or $362,500 per unit.
“With disruptive changes in the multifamily market over the past few months, deals are becoming increasingly difficult to cross the finish line,” said Marty Zupancic, senior vice president of investments. “For this reason, we are delighted that our client was able to successfully complete ownership of this unique asset.”
Zupancic, in addition to senior vice president of investments Dennis Cravedi and investment advisers Nick Murray and Eric Jentoft-Herr, had the exclusive list to market the property on behalf of the seller. The buyer, a California-based developer, was also secured by the team.
“Like many of our transactions, the close collaboration, communication and hands-on approach with all stakeholders has helped overcome many of the common hurdles encountered with multi-family transactions in the District,” says Cravedi.
Built in 1921, La Rochelle sits on a corner lot in a transit-oriented location, just two blocks from the Woodley Park/Adams Morgan subway station. The property’s 20 units contain 14,680 rentable square feet and the gross building area is 24,639. The unit mix consists of five studio units, three one-bedroom units, and 12 two-bedroom units. Unit amenities include hardwood floors, ceiling fans, stainless steel appliances, and updated bathrooms and kitchens in some units.
(Visited 1 time, 12 visits today)