Nine-Unit Columbia Heights Property Sells For $1.96M
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 1319 Fairmont Street NW, a nine-unit multifamily asset located in Washington, D.C. The building, which was vacant at the time of contract, totals 5,322 gross square feet and is comprised of seven one-bedroom and two studio units. After a successful marketing process that generated ten written offers and over 42 property tours, the asset sold for $1,960,000, or $217,777 per unit.
Marty Zupancic, first vice president investments and Dennis Cravedi, associate in Marcus & Millichap’s Washington D.C office, were appointed and authorized by the United States Bankruptcy Court for the District of Columbia to exclusively market and sell the property on behalf of the estate. The buyer, Jamaal S. Claggion, Ph.D., principal of Claggion Capital Holdings, LLP, was also procured by Zupancic and Cravedi. Claggion plans to renovate the asset and maintain the apartment building as a rental property.
“The Columbia Heights submarket continues to see tremendous interest from investors based on the well-established demand for condos and rentals, along with the neighborhood’s location in the heart of the city offering a walkable, transit-oriented, urban lifestyle,” noted Cravedi.
The property is situated along a tree-lined street of classic early 1900’s rowhomes and apartment buildings, and is located just several blocks from DC USA, one of the largest retail developments in the city which includes national restaurants and retailers including Best Buy, Target, Washington Sports Club, Cava Grill, Chipotle Mexican Grill and several other national tenants.
“The neighborhood should continue to see upside in rental growth in the near-to-mid future as additional residential and mixed use developments are delivered along some of the neighborhoods main corridors including 16th, 14th and 11th Street NW” added Cravedi.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com