Bensahel of Eastern Union secures $42M sale of 254-unit multifamily property in DC Area
- MAREJ
- Aug 16, 2021
- 2 min read
Oxon Hill, MD — Alex Bensahel, the director of the Investment Sales Division for the Mid-Atlantic Group of Eastern Union, has arranged the $42 million sale of Portabello Apartments, a 254-unit multifamily complex located in Oxon Hill in the Washington, DC metropolitan area.
Bensahel, who joined the firm just under two years ago, advanced the deal unusually quickly: he succeeded in putting the off-market transaction under contract within twelve days of having provided a full packet of transaction documents to the buyer.
According to CoStar, the price of the transaction set a new record as the highest price per door of any multifamily property sale in the history of Oxon Hill.
Bensahel gave a special acknowledgement to two colleagues in the firm’s Mid-Atlantic office: senior managing director Marc Tropp and managing director David Merkin.
“To establish longevity in the market, those of us at Eastern Union abide by a certain set of principles: honesty, transparency and accountability,” said Bensahel. “We’ve been growing exponentially, and there’s no better way to expand than to work collaboratively with partners like Marc Tropp and David Merkin. We benefit by sharing a singular level of teamwork and cooperation.”
The success of the Oxon Hill transaction, Bensahel said, was also attributable to Eastern Union’s market knowledge, along with the company’s financial and underwriting capabilities.
“Eastern Union was able to leverage our deep connections within the region, combined with our company’s national database of investors,” said Bensahel. “This powerful combination of resources enabled us to generate enormous interest in this transaction.”
“Concluding a sale of this magnitude requires a keen understanding of investment market dynamics, and that’s the kind of know-how Alex Bensahel brings to the table,” said Ira Zlotowitz, Eastern Union’s president and co-founder. “And Alex closed this deal with remarkable speed. Eastern Union has high expectations for his future in this specialized and sophisticated market space.”
