WASHINGTON, DC - Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, and advisory services, announced the sale of Glendale Terrace Apartments, a 32-unit, value-add multifamily property in Alexandria, VA, according to Brian Hosey, district manager of the firm's Washington, D.C. Office.
The Zupancic Group of Marcus & Millichap brokered the asset sale between the seller, and the buyer, a private client in a 1031 Exchange from the West Coast. Marty Zupancic, Director National Multi-Housing Group, commented, "we were able to deliver a result that exceeded expectations. The purchase gives the buyer a compelling value-add opportunity, and a range of investment opportunities in the short, mid, and long term." Moreover, four separate land parcels were pieced off and sold, netting the client in $300,000 in additional proceeds.
Ideally positioned in the Huntington neighborhood of Alexandria, Glendale Terrace Apartments is poised to capture the benefits of a booming rental market and Amazon HQ2 development. Initially built in 1963, this 3-story brick apartment building located at 2314-2330 Glendale Terrace in the rapidly developing Huntington neighborhood of Alexandria; it traded for $6,250,000 or $195,312 per unit. Nick Murray, Associate at The Zupancic Group, said, "We were incredibly pleased with the outcome of our comprehensive marketing process. We generated double-digit offers after conducting over thirty property tours, which created a level of competition that allowed us to exceed our pricing expectations by over 6%."
Marty Zupancic, first vice president of investments at Marcus & Millichap, said, "The opportunity to acquire an existing multifamily asset with such significant future expansion potential does not present itself every day. Especially in the surrounding multifamily submarket that is expected to see massive growth from Amazon HQ2 for years to come." Within a mile radius of the property, there are a number of large-scale redevelopments in the pipeline. These development projects alone will deliver over 650 multifamily units, 1,000 condominium units, 67 townhomes, 450,000 SF of office, 18,000 SF of retail, and 120,000 SF of a hotel to the neighborhood. These and other developments in the pipeline will continue to transform the Huntington neighborhood into an up-scale urban living community that, in turn, will drive growth throughout the submarket.
About Marcus & Millichap (NYSE: MMI): Marcus & Millichap is the nation's largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 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 about the company, please visit www.MarcusMillichap.com