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A 13-unit apartment building in Columbia Heights recently sold for $3.25 million, or approximately $250,000 per unit. Marcus & Millichap, a commercial real estate investment services firm, announced the sale of the property that has been owned by Ray Mahmood since 2008. Recently, the property went under substantial remodeling.
The property, located at 1111 Lamont Street NW, is on a strip typically known for its lively retail and restaurants. Only a few blocks away is Bad Saint, a Filipino restaurant that Bon Appétit named the second best restaurant in America.
The developer who purchased the property was 11th Property Group, and according to a press release the developer hopes to grow its stable cash-flowing portfolio. 11th Property Group plans on doing some upgrades to the units, but there will be no major changes to the prices of the units. The current tenants will remain.
The developer’s portfolio already includes the five-unit boutique condo project, The Hayes, and the two-unit boutique condo development, The Ogden Lofts, both located in Columbia Heights.
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.