4B — October 28 - November 10, 2016 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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RLINGTON, VA — Marcus & Millichap announced the sale of 40-unit, 5 building apartment portfolio located in Arlington, VA Marcus & Millichap’s Rinder & Chadwick brokers multifamily sale totaling $8.6 million A the property since 1997. The buyer, a government non-profit, was also secured by Rinder and Chadwick.
with rent increasing year over year,” Rinder said. “There have been large developments in this neighborhood, replacing old apartments with luxury townhomes, and as such, prop- erty values have skyrocketed and affordable housing has been depleted.” According to Rinder, the investor plans to convert the buildings to replenish the dwin- dling supply of affordable hous- ing in Arlington’s thriving market. “The transaction is evidence that Arlington County is work- ing diligently to preserve its affordable housing,” Rinder concluded.
Westover Apartments, a 40- unit, five building apartment portfolio located in Arlington. The assets sold for $8.6 million which represents $215,000 per unit. Dawson Rinder , an invest- ment specialist, and C hris- topher Chadwick , first vice president investments, both out of Marcus & Millichap’s Washington, D.C. office, had the listing to market the prop- erty on behalf of the seller, a private investor who’s owned
The five-building apartment complex, built in the 1940s, is located in the Westover neighborhood of Arlington, just north of Highway 66. The neighborhood, which centers on Washington Boulevard be- tween North McKinley Rd. and North Longfellow Rd., has seen an influx of new development of luxury town and single family homes. “Market fundamentals in Arlington are extremely strong,
Westover Apartments
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800-802 Taylor St. NW
In a second transaction, Mar- cus &Millichap announced the sale of 800-802 Taylor St. NW, a 20-unit apartment property located in Washington, DC. The asset sold for $2.7 million, $135,000 per unit. This repre- sents the highest price per unit closing for multifamily proper- ties in the Petworth neighbor- hood, per CoStar. Josh Feldman, Benjamin Wilson , Cameron Webb , and Stacey Milam , investment specialists in Marcus & Millic- hap’s Washington, D.C. office, had the listing to market the property on behalf of the seller, a private investor who built and managed the property. The buyer, a developer, was also secured by Webb, Milam, Feldman and Wilson. The property originally went under contract with a condo developer, but the tenants were able to organize and utilize their rights set forth in the Ten- ant Opportunity to Purchase Act (TOPA) to find an option to keep the building affordable. “This transaction shows an effort to keep the city af- fordable,” Webb said. “This is a prime example of a prop- erty that was going to be con- verted into condos, however, a local bank helped with a $150,000 deposit to keep the deal available for the tenants and their partner to purchase the building.” n
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