4A — May 12 - 25, 2017 — DelMarVa — M id A tlantic
Real Estate Journal
D el M ar V a And sale of 1524 18th St. NW, a 4-unit vacant apartment property in Washington, DC Marcus &Millichap trades Deanwood Apartment Community with affordable housing component W ASHINGTON, DC — Marcus & Mil- lichap announced off-street parking spaces for residents.
ate in Marcus & Millichap’s Washington, DC office. “The transaction presented a rare opportunity to acquire an apartment community, with an affordable housing compo- nent, in a highly sought after rental market given Dean- wood’s recent development and growth.” Hilltop Apartments is lo- cated at 908-922 Eastern Ave. NE in Washington, DC. Built in 1966, the eight-building apartment community is com- posed of 52 one-bedroom units and 54 two-bedroom units. The property features 160
“This transaction represent- ed one of the largest multifam- ily deals in Deanwood in the past five years,” added Stacey Milam , senior vice president of investments in the firm’s Washington, DC office. Webb, Milam and J. Domi- nic Vito , investment special- ist, procured the seller. While marketing the listing, the team garnered several com- petitive offers. The ultimate buyer was also secured by Webb with plans to maintain the affordable housing status and make substantial renova- tions to the building. Marcus & Millichap an- nounced the sale of 1524 18th Street NW, a 4-unit vacant apartment property in Wash- ington, DC. The asset sold for $2,279,000 which equates to $569,750 per unit. “The property’s prime lo- cation brought an array of investors, some including condominium developers, mul- tifamily investors, co-living operators, student and intern housing providers and various owner/users,” said Dennis Cravedi , associate in the firm’s Washington, DC office. “We were able to achieve a high price point for the client through our ability to articu- late the value proposition of the transaction and our exper- tise in the market.” Cravedi teamed with Marty Zupancic , vice president inves tment s and Grant Fitzgerald , senior associate, all in Marcus & Millichap’s Washington, D.C. office, to market the property on behalf of the seller, a private investor. The property was previously listed with another national brokerage firm in early 2015 for $2,000,000. After imple- menting a customized mar- keting plan, The Zupancic Group of Marcus &Millichap generated 37 property tours and 12 written offers, ulti- mately closing $64,000 above the original list price. The building was purchased by a local condo developer and will require substantial rehab. The apartments are located at 1524 18th St. NW in the heart of the Dupont neighbor- hood, just one block from the booming Dupont Circle and the Metro. The zoning, MU-15, lends itself to a wide array of residential and commercial uses. n
the sale of Hilltop Apart- ments, a 106-unit apartment community in Washington, DC, according to Bryn Mer- rey , senior vice president/ division manager of the firm’s Mid-Atlantic and Southeast- ern offices. The $9.3 million sales price equates to $87,735 per unit. “Deanwood is a transition- ing neighborhood experienc- ing an influx of private and city investment,” said Cam- eron Webb , senior associ-
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