Marcus & Millichap arranges sale of 70-unit multifamily community in NW Washington, DC

WASHINGTON, DC — Marcus & Millichap announced the sale of Concord Gardens, a 70-unit multifamily community located in the Brightwood neighborhood of Northwest Washington, DC. The property sold for $4.5 million. 54% of the units were vacant at the time of sale, offering immediate repositioning potential.

Built in 1936, Concord Gardens consists of five contiguous garden-style apartment buildings, each with three stories and a basement. All units are one-bedroom, one-bathroom, averaging 650 s/f on a 0.93-acre lot. The new buyer, Georgia Builders, LLC, will be doing a full gut rehab on all five buildings in order to bring these affordable housing units back online.

The property benefits from proximity to The Parks at Walter Reed, a $1 billion redevelopment project delivering new retail, residences and community amenities. Major thoroughfares such as Georgia Avenue and Military Road provide direct access to downtown Washington, DC, as well as surrounding neighborhoods, including Bethesda, Silver Spring and Rock Creek Park.