The Arbor at Takoma sells for $13.35M following high-profile foreclosure

Feldman Ruel secures buyer for 218 Cedar Street NW at 96% of list price

Washington, DC — Feldman Ruel announced the sale of 218 Cedar Street NW, a 36-unit multifamily building that also includes four commercial units in the Takoma neighborhood of Washington, DC. The property sold for $13.35 million, which was 96% of the list price. The sale price equates to $333,750 per unit. Josh Feldman, Chris Chadwick, and Hannah McCann of Feldman Ruel represented the seller in the transaction.

Originally developed as a for-sale condominium project by Adrian Washington’s Neighborhood Development Company (NDC), the property, known as The Arbor at Takoma, was foreclosed on by Forbright Bank in 2024, following NDC’s financial challenges and eventual decision to close down. Feldman Ruel was engaged by Willard Holdings VI, LLC, an affiliate of Forbright Bank, to manage the property and market it for sale.

Upon taking on the assignment for Forbright Bank, Feldman Ruel launched a competitive marketing process that generated strong interest from both local and out-of-market investors. While most of the offers were sourced directly through various agents of Feldman Ruel, its cooperative platform helped to secure additional offers through outside brokers as well. The selected buyer, July Residential Group, operating as 218 Cedar Owner, LLC, was secured directly by Feldman Ruel.

Feldman Ruel’s vertically integrated platform, including investment sales, property management, and advisory services, was a key factor in its selection for this assignment, enabling the firm to advise the lender during the pre-foreclosure and foreclosure processes, seamlessly transition the management of the asset to prepare it for sale immediately following the foreclosure, and then execute on a marketing a sale effort to secure the highest possible price in the shortest period of time.

“This transaction was an excellent example of Feldman Ruel’s unique ability to act as a one-stop shop for any lender’s REO department by providing (i) proper guidance as it determines the best course of action prior to and during the foreclosure process, (ii) property management services during the transitionary period, and (iii) investment sales brokerage services to handle the disposition effort,” said Feldman, managing principal with Feldman Ruel. “It would be atypical for any management company to take on such a short-term assignment however, our firm, understanding the specific challenges faced by many lenders in today’s economic climate, can provide a tailored suite of services to any lender considering a foreclosure. There are certainly other firms that offer similar services, but those are typically institutional real estate service companies that specialize in significantly larger assets. Additionally, those companies cannot provide the same level of coordination that we, as a more nimble, tightly integrated firm, can provide. Lastly, our investment sales team is among the market leaders in the Washington, DC area every year, so we are able to execute at a very high level on what I’m sure our clients, like Forbright Bank, would say is the most important part of this whole process.”

The transaction moved efficiently as the buyer was secured after a 71-day marketing period during which numerous offers were received. The sale of Arbor at Takoma stands as one of the highest-profile distressed multifamily deals in the D.C. market in the past year and underscores the continued demand for well-located, newer-construction multifamily assets.