WASHINGTON, DC - Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, and advisory services, announced the sale of 6921 Georgia Avenue NW, a 21-unit multifamily property, according to Brian Hosey, district manager of the firm's Washington, D.C. office.
The Zupancic Group’s deal team executed on the exclusive listing assignment and closed the transaction at $4,300,000, or $204,761 per unit, which easily set a new pricing record for comparable multifamily assets in the Brightwood submarket of NW Washington, D.C. The team’s comprehensive marketing process generated 12 written offers and 28 physical tours of the property.
Marty Zupancic, Senior Director of the National Multi-Housing Group of Marcus & Millichap, commented, "Our team excels at breaking through pricing ceilings and achieving unheard of results for our clients over and over again. In this case, we devised a multi-dimensional marketing strategy, including a virtual tour and promotional video that received over 1,000 views from local, regional and national investors, a targeted call campaign using our comprehensive proprietary database of multifamily owners and investors, and Marcus & Millichap's nationwide network of over 2,000 agents throughout 80 offices across the country."
The Zupancic Group utilized its cutting-edge marketing systems to fully broadcast the opportunity, streamline the transactional process, ensure every potential investor was aware of the opportunity. This is ultimately what lead to record pricing for a long-term client of the team. “We made sure that every interested buyer nationwide saw this deal and that no stone was left unturned. That’s not something that the other brokerage houses can do as they do not have a fully integrated national platform,” added Zupancic.
The property is located directly across the street from The Parks at Walter Reed, one of the largest active developments in D.C. This highly anticipated mixed-use project will drive significant rental demand in the area and bring jobs, retail, restaurants, and nightlife to the upper Northwest D.C. submarket. When completed, The Parks at Walter Reed will have around 3.1 million square feet of mixed-use commercial property across 66 acres, including Whole Foods Market, which is a two-minute walk from the property. "The opportunity to acquire a multifamily asset in the direct path of such substantial growth does not present itself every day. The fact that properties within a one-mile radius of Whole Foods have historically increased in value at twice the rate of other such properties makes this investment prime for future appreciation. Highlighting major drivers of growth such as The Parks at Walter Reed and Whole Foods throughout our marketing process allowed us to achieve record pricing for our client," said John Slowinski.
Elaborating on the sale process, Dennis Cravedi added, "This transaction builds on the strong track record that we have developed in upper Northwest D.C. Our team regularly navigates complex transactions throughout D.C., Maryland, and Virginia, but the growth we are already seeing around The Parks at Walter Reed has been profound. We’re seeing opportunities here for sellers who have watched their properties appreciate in value over time, and for buyers who are strategically placing their capital for long-term growth. On this particular deal, our team successfully navigated the client through the TOPA process to ensure a smooth transaction, leading to a faster closing for both the buyer and seller.”
The buyer, a local private investor who has been steadily building his portfolio in the District of Columbia, sees the property as a long-term investment and plans to renovate the building to keep up with the growth and development in the neighborhood.