WASHINGTON, DC — Marcus & Millichap announced the sale of 1204 Talbert St. SE, a vacant 29-unit apartment property located in Washington, DC. The asset sold for $2.9 million, or $100,000 per unit. Per costar, this represents the highest price per unit in 2015 of properties east of the river over 10 units.
Cameron Webb worked with Stacey Milam, first vice president investments, Christian Alves, and Jesse Mates, all investment specialists in Marcus & Millichap’s DC office, to market the property on behalf of the seller, a real estate development and investment company. The buyer, Claggion SE Holdings, LLC, a private local investment entity, was also secured by Webb.
After a fire in early 2015, the previous owners began a full renovation of the property. Jamaal S. Claggion, Ph.D., the managing member of Claggion SE Holdings, LLC, will complete the renovation and begin leasing in late 2016.
“The Talbert Street property is a valuable long term hold,” Webb said. “The investor was drawn to the opportunity to purchase recently renovated, vacant units that will fill with market rate tenants and various Washington program tenants.”
The property is only two blocks from the Anacostia metro station. Proposed developments are scattered around the surrounding area. 1204 Talbert Street SE is also located three blocks from the intersection of Good Hope Road and Martin Luther King Jr. Ave, a hub of development in Historical Anacostia neighborhood.
“This location is prime for development,” Webb concluded. “We see Anacostia as one of the first submarkets east of the river that will rapidly appreciate but it is still affordable for investors.”