Marcus & Millichap arranges $1.1m sale of boutique apartment building in Glover Park
WASHINGTON, DC — Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of a four unit apartment building located in Northwest DC’s Glover Park neighborhood, just north of Georgetown, according to Bryn D. Merrey, regional manager of the firm’s Washington, DC office.
Marty Zupancic and Christian Barreiro, DC multifamily investment specialists in Marcus & Millichap’s Washington, DC office, had the listing to market 2621 39th St. NW. The building, which was constructed in 1940, is approximately 3,500 gross s/f and consists of four self-contained one-bedroom, one-bath rental apartment units with dens. The team conducted over 35 tours and received 10 written offers for the property which eventually sold on June 30th, 2015 for $1,100,000 (or $275,000 per unit). “The fact that we received double-digit offers after conducting dozens of tours is not only a testament to the current strength of the DC market, but also shows that investors are hungry to acquire assets in historically stable neighborhoods like Glover Park,” according to Barreiro, who specializes in the Georgetown and Glover Park neighborhoods.
Local developer Madison Investments, who purchased the property, plans to eventually convert the four 1-bedroom apartment units into four 2-bedroom condo units, adding two total additional floors one above and one below the two-story building.
Glover Park just recently welcomed a new 81-unit residential development owned and operated by the Bernstein Management Corporation, which recently bought out its partners, Chesapeake Realty Partners and The Altus Group. Leasing for the studios, one and two-bedroom units began in June with apartments ranging between approximately 460 to 865 s/f and priced between $1,900 to $3,400 per month. The property is currently almost 20% leased up.