Real Estate Journal — Owners, Developers & Managers — August 26 - September 15, 2016 — 3B
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M id A tlantic
O wners , D evelopers & M anagers Webb, Milam and Mates market property on behalf of the seller Marcus & Millichap inks trade of 5,020 s/f Dupont property for $2.6 million
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real estate in neighborhoods such as Dupont,” first vice president investments Stacey Milam said. “As evidence of this demand, the property gen- erated six offers in two weeks.” Cameron Webb , Milam, and Jesse Mates , investment specialists in Marcus & Milli- chap’s Washington, DC office, had the listing to market the property on behalf of the sell- er, a local business owner who has owned the property since the early 1980s. The buyer, a local private investor, was also secured by Mates and Webb. “Properties in desirable and stable neighborhoods like
Dupont Circle have always attracted savvy investors,” Mates said of the closing. “However, with 1902 R St., the buyer saw the proximity to the embassies as an opportunity for a unique housing option. They plan to repurpose the property towards corporate travelers and Airbnb stays.” The property, which func- tioned as the ShalomHouse at Inn Washington, a five-room extended-stay hotel, is located at 1902 R St. NW, a block and a half from Connecticut Ave. in the Dupont Circle neigh- borhood of DC. The previous owner ran his business from
the first level of the property which has four total levels and five parking spaces. The current investor plans to re- design the space in order to offer more accommodations for future guests. “We’ve started to see inves- tors gravitate towards short- term corporate housing and Airbnb for properties like this one in historically-strong DC neighborhoods,” Webb con- cluded. “Areas with access to public transportation, retail, entertainment, and dining choices create an ideal envi- ronment for unique housing options.” n
A S H I NG T ON , DC — Marcus & Millichap , a com-
mercial real estate invest- ment services firmwith offices throughout the United States and Canada, announced the sale of 1902 R St. NW, an apartment property located in Washington, DC, according to Bryn Merrey , first vice president and district man- ager of the firm’s Mid-Atlantic offices. The 5,020 s/f asset sold for $2.6 million or $518 per gross s/f. “Low interest rates and population growth have led to strong demand for commercial Rapid growth of ResiModel continues with 40 new clients NEW YORK, NY — Reflec- tive of its continued rapid pace of growth, ResiModel — the leading platform for capturing, processing and analyzing data for multifamily transactions — announced that the company onboarded an impressive roster of 43 new clients during the first half of 2016. ResiModel, which provides users with a comprehensive solution for processing and analyzing multifamily transac- tional data, added both buy-side and brokerage clients during the six-month period. New brokerage clients include ARA Newmark ’s Atlanta office, Avison Young ’s Los Angeles and Memphis offices, JLL ’s Nashville and Florida offices, and Cushman & Wakefield ’s Cincinnati office. Prominent new buy-side cli- ents include BHManagement Services , Carroll Organiza- tion , Federal Capital Part- ners , Hawthorne Residen- tial Partners , Investcorp , L&MDevelopment Partners , LEMCapital , Mount Auburn Partners , The Praedium Group , The Preiss Company , Titan Real Estate Invest- ment Group , TVO Groupe , Waterton Associates , and Waypoint Residential . ResiModel provides clients with the ability to standardize, aggregate and mine the rent rolls and operating statements that they receive in disparate PDF and Excel formats. The SaaS platform then applies data visualization and other analytics tools to facilitate deeper insight into investment opportunities. n
1902 R St. NW
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