B — February 28 - March 13, 2014 — Owners, Developers & Managers — Mid Atlantic Real Estate Journal
www.marejournal.com O wners , D evelopers & M anagers Zupancic and Fitzgerald broker 37,958 s/f Marcus & Millichap arranges sale of 44-units for $3.44m W ASHINGTON, DC — Marcus & Mil- lichapReal Estate
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Investment Services has announced the sale of 5301 New Hampshire Ave. NW, a 44-unit multifamily walk-up apartment building located in the Fort Totten neighborhood of Washington, DC at the inter- section of Missouri Ave., New Hampshire Ave., and North Capitol St., according to Bryn D. Merrey , regional manager of the firm’s Washington, DC office. Marty Zupancic and Grant Fi t zgera ld , i nves tment
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5301 New Hampshire Ave. NW
specialists in Marcus & Millichap’s Washington, DC office, had the listing to market the building, which ultimately generated thirteen written of- fers after over thirty-five tours. Built in 1931, the art deco asset sold for $3,440,000 and $78,182 per unit, establish- ing itself as one of the highest sales comps in the submarket. The completely detached build- ing consists of 7 two-bedroom, one-bath units, 10 efficiencies, and 27 one-bedroom, one- bath units. At approximately 37,958 gross s/f, the 44-unit building was sold as part of a Chapter 11 Bankruptcy sale. The sale of the “real property free and clear of any and all liens” was approved by the Honorable Judge S. Martin Teel Jr. of the United States Bankruptcy Court for the Dis- trict of Columbia on November 21, 2013. At the hearing, the property was bid up over thirty times in $10,000 intervals until ultimately reaching the sale price of $3,440,000, after having gone under contract at $3,000,000. Bankruptcy sales are exempt from DC’s TOPA (Tenant Opportunity to Pur- chase Act) regulations, which allowed the buyer to close very quickly relative to other DC multifamily transactions. Investor demand for the as- set was driven by the building’s heavily-traveled, transit-ori- ented location and the proxim- ity to significant developments in the vicinity of the Fort Tot- ten Metro Station. “This is a rare opportunity for a private real estate investor to add more units to their portfolio in a transit-oriented location with clear upside in rents in the short and long term in a neighborhood that is experi- encing the benefits of signifi- cant investment,” Marcus & Millichap’s Marty Zupancic noted. n
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