Marcus & Millichap trades Deanwood Apartment Community with affordable housing component
WASHINGTON, DC — Marcus & Millichap announced the sale of Hilltop Apartments, a 106-unit apartment community in Washington, DC, according to Bryn Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The $9.3 million sales price equates to $87,735 per unit.
“Deanwood is a transitioning neighborhood experiencing an influx of private and city investment,” said Cameron Webb, senior associate in Marcus & Millichap’s Washington, DC office. “The transaction presented a rare opportunity to acquire an apartment community, with an affordable housing component, in a highly sought after rental market given Deanwood’s recent development and growth.”
Hilltop Apartments is located at 908-922 Eastern Ave. NE in Washington, DC. Built in 1966, the eight-building apartment community is composed of 52 one-bedroom units and 54 two-bedroom units. The property features 160 off-street parking spaces for residents.
“This transaction represented one of the largest multifamily deals in Deanwood in the past five years,” added Stacey Milam, senior vice president of investments in the firm’s Washington, DC office.
Webb, Milam and J. Dominic Vito, investment specialist, procured the seller. While marketing the listing, the team garnered several competitive offers. The ultimate buyer was also secured by Webb with plans to maintain the affordable housing status and make substantial renovations to the building.
Marcus & Millichap announced the sale of 1524 18th Street NW, a 4-unit vacant apartment property in Washington, DC. The asset sold for $2,279,000 which equates to $569,750 per unit.
“The property’s prime location brought an array of investors, some including condominium developers, multifamily investors, co-living operators, student and intern housing providers and various owner/users,” said Dennis Cravedi, associate in the firm’s Washington, DC office. “We were able to achieve a high price point for the client through our ability to articulate the value proposition of the transaction and our expertise in the market.”
Cravedi teamed with Marty Zupancic, vice president investments and Grant Fitzgerald, senior associate, all in Marcus & Millichap’s Washington, D.C. office, to market the property on behalf of the seller, a private investor. The property was previously listed with another national brokerage firm in early 2015 for $2,000,000. After implementing a customized marketing plan, The Zupancic Group of Marcus & Millichap generated 37 property tours and 12 written offers, ultimately closing $64,000 above the original list price. The building was purchased by a local condo developer and will require substantial rehab.
The apartments are located at 1524 18th St. NW in the heart of the Dupont neighborhood, just one block from the booming Dupont Circle and the Metro. The zoning, MU-15, lends itself to a wide array of residential and commercial uses.