38 — July 2025 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
www.marej.com O wners , D evelopers & M anagers Zupancic Group sells West End DC property Marcus & Millichap brokers $12.7M sale of luxury condo dev.
sale of 2626 Pennsylva- nia Ave. NW, a proposed 32-unit resi- dential de- velopment in Washington, DC, for $12.7 million. Formerly W
ASHINGTON, DC — Marcus & Milli- chap announced the
Marty Zupancic
2626 Pennsylvania Ave. NW, a proposed 32-unit residential development expertise in distressed assets,” said Marty Zupancic , senior vice president investments and head of the Zupancic Group . “We were fortunate to have an extremely talented group of at- torneys working alongside us throughout the transaction.” Zupancic, John Slowinski and Ryan Murray , invest- ment specialists in Marcus & Millichap’s Washington, DC, office, had the listing to market the property on behalf of the seller, a partnership of experienced local developers. The stalking horse bidder was secured, and the brokerage team brought in competing bidders, driving the final sale price to $12.7 million through an auction facilitated by the bankruptcy attorney. “The initial feedback from buyers was that construction costs were too high and condo sales were too risky today in DC,” said Slowinski, associate. “However, we had strong con- fidence in the location, right next to Georgetown, the Four Seasons and unobstructed views of the Potomac River, as a hot spot for high-end condo sales. The buyer shared that same confidence and was motivated to reach a success- ful closing. This is the second condo development our team has closed in just the past two weeks, and our fourth closing in the month of May.” MAREJ
the Salvation Army’s na- tional head- quarters, the property was acquired by a devel- oper in 2023 with plans to convert it into luxury condomini- ums. After the devel- oper filed for bankruptcy, Marcus & Millichap was retained to lead the sale process. “This property gave our team an opportunity to add value for our clients by utilizing our deep John Slowinski Ryan Murray
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