WASHINGTON, DC - The Zupancic Group of Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of 120 & 200 Trenton Place SE, a two-property apartment portfolio with 24 units located in the Congress Heights neighborhood of Washington, D.C. The asset sold for $2.45 million, according to Brian C. Hosey, regional manager of the firm’s Washington, D.C. office.
Christian Barreiro and Marty Zupancic, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investment group. The listing team also secured the buyer, another private investor. According to Marty Zupancic, “The velocity of transactions in the East of the River Market of Washington, DC has exploded over the last 18 months. There have been 87 closed Multifamily transactions in the past 18 months, with seven more under contract in this red hot submarket. We are seeing unheard-of appreciation, and owners are taking notice. Our team has been in this market for two decades and it is really great to see this happening, especially in the midst of a pandemic.”
The Zupancic Group of Marcus & Millichap has marketed 59 multifamily buildings in the East of the River Market over the past 18 months and over 150 throughout the last decade. Additionally, the team currently has a 350+ Unit Apartment Community under contract that is set to close within the next 60 days. The closing will add to over 1,500 multifamily units that the Zupancic Group has worked on in the East of the River Market over the past decade. The team’s activity in the market has shown that investor appetite is growing astronomically in the East of the River Market with prices rising in tandem. Some of this demand can be attributed to the massive levels of development throughout the Market. “The East of the River market in DC has transformed significantly over the past five years, with new investment capital inflowing, multifamily property values steadily increasing, and large-scale developments like the St. Elizabeth’s redevelopment continuing to promote widespread economic growth. Our team was able to harness these factors and make them work for the client through the sale of this Trenton Place portfolio,” said Barreiro. More specifically, the subject portfolio is located in the Congress Heights neighborhood of Washington, D.C., only one mile from the newly constructed St. Elizabeth’s East Development, the Congress Heights Metro Station (Green Line), and a variety of other exciting new projects. Additional major developments and inflows to the area should continue to expand this trend and promote rapid growth in the East of the River Market long into the future.
About Marcus & Millichap (NYSE: MMI): 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, please visit www.MarcusMillichap.com