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A judge has authorized the sale of a 10-property multifamily portfolio associated with D.C. landlord Ali “Sam” Razjooyan, the LLCs for which all filed for Chapter 11 bankruptcy protection last year.
Judge Elizabeth Gunn of the U.S. Bankruptcy Court for D.C. signed an order in May authorizing Michael Taylor, CEO and founder of D.C.-based AMT Development, to pay “the highest and best bid” of $7.55 million for the portfolio totaling 117 units. The units are currently owned by a syndicate of LLCs all managed by Razjooyan, court records show.
Separately, earlier this month, Razjooyan was fined $2.28 million by the D.C. Department of Buildings for 2,021 notices of infraction related to 81 District properties totaling 802 units associated with him, the agency said, including many of the properties contained in the bankruptcy portfolio.
Razjooyan did not respond to a request for comment.
Taylor said AMT Development will be working to stabilize, renovate and repair the properties. The company’s portfolio, according to its website, contains new construction and conversions of midsize apartment and condo buildings in D.C.
“DOB, be kind while we try to get these things done right,” Taylor said in an interview. “I know the DOB has been going off on all of Sam Razjooyan’s properties, fining them out of the wazoo, and hopefully they will allow the new buyers that are taking on these properties to do what needs to be done the right way and not create roadblocks in the process because of the prior ownership.”
The sale to Taylor is expected to close shortly, according to Marcus & Millichap brokers Marty Zupancic and John Slowinski, who are overseeing the sale on behalf of the bankruptcy trustee.
Court records show the portfolio and the sale prices authorized for each property are as follows:
Tenants of the Razjooyan properties slated to be sold have no rights under the Tenant Opportunity to Purchase Act because this is a deal through a Chapter 11 process.
Read more at the Washington Business Journal.
View the Boutique Multifamily Portfolio.
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