Marcus & Millichap arrange apartment bldg. sale for $1.7 million
FREDERICK, MD — Marcus & Millichap announced the sale of The Westerleigh, a 30-unit apartment property located in Frederick, according to Bryn Merrey, regional manager of the firm’s Washington, DC office. The asset sold for $1,787,500, which is approximately 98% of the listing price.Cameron Webb, associate and Stacey Milam, first vice president investments, both in Marcus & Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller, a long-term owner of primarily shopping centers. The buyer, a Baltimore-based private investor with a diverse portfolio, was secured and represented by Kyle Rogge, an associate also in Marcus & Millichap’s Washington, DC office. The purchase fulfilled the buyer’s 1031 exchange from an industrial property in Baltimore. The buyer chose to retain the seller to manage the property. The Westerleigh, originally constructed in 1990, is located within a half mile of downtown Frederick at 410-412 West South St. The 21,150 s/f property consists of a 24-unit building and two townhouses with six units total.