Marcus & Millichap Inc.
07/07/2022 | Press release | Distributed by Public on 07/07/2022 11:12
Woodley Park Apartment Building Sells for $7.25 Million
Press Releases
Woodley Park Apartment Building Sells for $7.25 Million
July 07, 2022
WASHINGTON, July 7, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Rochelle, a 20-unit multifamily asset located at 2800 Connecticut Avenue NW in Washington. The asset sold for $7,250,000, or $362,500 per unit.
"With disruptive changes across the multifamily market over the past several months, transactions are becoming increasingly challenging to get across the finish line," says Marty Zupancic, senior vice president investments. "Because of this, we are excited that our client was able to reach a successful conclusion to his ownership of this unique asset."
Zupancic, in addition to first vice president investments Dennis Cravedi and investment advisors Nick Murray and Eric Jentoft-Herr, had the exclusive listing to market the property on behalf of the seller. The buyer, a California-based developer, was also secured by the team.
"Like many of our transactions, the close collaboration, communication, and hands-on approach with all stakeholders helped navigate many of the common obstacles faced with multifamily transactions in the District," says Cravedi.
Built in 1921, The Rochelle is positioned on a corner lot in a transit-oriented location, only two blocks from the Woodley Park/Adams Morgan Metro Station. The property's 20 units contain 14,680 rentable square feet and the building's gross square footage is 24,639. The unit mix consists of five studio units, three one-bedroom units and 12 two-bedroom units. Unit amenities include hardwood floors, ceiling fans, stainless steel appliances, and updated bathrooms & kitchens in select units.
"With disruptive changes across the multifamily market over the past several months, transactions are becoming increasingly challenging to get across the finish line," says Marty Zupancic, senior vice president investments. "Because of this, we are excited that our client was able to reach a successful conclusion to his ownership of this unique asset."
Zupancic, in addition to first vice president investments Dennis Cravedi and investment advisors Nick Murray and Eric Jentoft-Herr, had the exclusive listing to market the property on behalf of the seller. The buyer, a California-based developer, was also secured by the team.
"Like many of our transactions, the close collaboration, communication, and hands-on approach with all stakeholders helped navigate many of the common obstacles faced with multifamily transactions in the District," says Cravedi.
Built in 1921, The Rochelle is positioned on a corner lot in a transit-oriented location, only two blocks from the Woodley Park/Adams Morgan Metro Station. The property's 20 units contain 14,680 rentable square feet and the building's gross square footage is 24,639. The unit mix consists of five studio units, three one-bedroom units and 12 two-bedroom units. Unit amenities include hardwood floors, ceiling fans, stainless steel appliances, and updated bathrooms & kitchens in select units.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.