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Marcus & Millichap has completed the sale of Concord Gardens, a 70-unit multifamily community located in the Brightwood neighborhood of Northwest Washington, D.C.
The property sold for $4.5 million. Approximately 54 percent of the units were vacant at the time of sale. “Despite the challenges of Chapter 11 bankruptcy, high vacancy and significant distress, we navigated the process strategically and secured a successful sale in a short timeframe,” Ryan Murray, associate. Built in 1936, Concord Gardens consists of five contiguous garden-style apartment buildings.
All units are one-bedroom, one-bathroom, averaging 650 square feet on a 0.93-acre lot. The new buyer, Georgia Builders, LLC, will be doing a full gut rehab on all five buildings in order to bring these affordable housing units back online. “This transaction not only revitalizes the asset but also supports the long-term stability and affordability of housing for the surrounding community,” said Marty Zupancic, senior managing director, investments.
View more at Connect CRE.
View Concord Gardens.
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.