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Marcus & Millichap announced the $2 million sale of The Flower House, a 20-unit multifamily asset in Takoma Park, Maryland.
The property, part of an eight-property portfolio, was sold through a Chapter 11 bankruptcy process subject to United States Bankruptcy Court approval. “Flower House attracted a tremendous amount of interest due to its location, stable and consistent economic performance and long history of thoughtful, hands-on ownership,” said Ryan Murray, associate investments.
Murray, along with Marty Zupancic and John Slowinski of the Zupancic Group of Marcus & Millichap, represented the seller, Olympia Investments Inc., and procured the buyer, Alan Management. This is the first time the property has traded. The buyer plans to operate the asset as a long-term hold, maintaining its strong occupancy while making select improvements over time.
Built in 1958, The Flower House is located at 8212 Flower Ave. The three-story property totals 15,846 square feet and includes 11 one-bedroom and nine two-bedroom units averaging 718 square feet.
Read more at Connect CRE
View The Flower House
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.