Marcus & Millichap’s Rinder & Chadwick brokers multifamily sale totaling $8.6 million

November 17, 2016

 ARLINGTON, VA — Marcus & Millichap announced the sale of Westover Apartments, a 40-unit, five building apartment portfolio located in Arlington. The assets sold for $8.6 million which represents $215,000 per unit. Dawson Rinder, an investment specialist, and Christopher Chadwick, first vice president investments, both out of Marcus & Millichap’s Washington, D.C. office, had the listing to market the property on behalf of the seller, a private investor who’s owned the property since 1997. The buyer, a government non-profit, was also secured by Rinder and Chadwick. The five-building apartment complex, built in the 1940s, is located in the Westover neighborhood of Arlington, just north of Highway 66. The neighborhood, which centers on Washington Boulevard between North McKinley Rd. and North Longfellow Rd., has seen an influx of new development of luxury town and single family homes. “Market fundamentals in Arlington are extremely strong, with rent increasing year over year,” Rinder said. “There have been large developments in this neighborhood, replacing old apartments with luxury townhomes, and as such, property values have skyrocketed and affordable housing has been depleted.” According to Rinder, the investor plans to convert the buildings to replenish the dwindling supply of affordable housing in Arlington’s thriving market. “The transaction is evidence that Arlington County is working diligently to preserve its affordable housing,” Rinder concluded.In a second transaction, Marcus & Millichap announced the sale of 800-802 Taylor St. NW, a 20-unit apartment property located in Washington, DC. The asset sold for $2.7 million, $135,000 per unit. This represents the highest price per unit closing for multifamily properties in the Petworth neighborhood, per CoStar. Josh Feldman, Benjamin Wilson, Cameron Webb, and Stacey Milam, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the listing to market the property on behalf of the seller, a private investor who built and managed the property. The buyer, a developer, was also secured by Webb, Milam, Feldman and Wilson. The property originally went under contract with a condo developer, but the tenants were able to organize and utilize their rights set forth in the Tenant Opportunity to Purchase Act (TOPA) to find an option to keep the building affordable. “This transaction shows an effort to keep the city affordable,” Webb said. “This is a prime example of a property that was going to be converted into condos, however, a local bank helped with a $150,000 deposit to keep the deal available for the tenants and their partner to purchase the building.” n800-802 Taylor St. NW, which saw multiple offers and tours, is approximately four blocks north of the Georgia Ave-Petworth metro station and directly across Taylor Street from the Petworth Recreation Center. Though Georgia Avenue experiences a high traffic rate upwards of 29,000 vehicles per day, the apartment complex is tucked into a quiet pocket while still benefiting from the proximity to a metro station and busy retail corridor.

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