WASHINGTON DC – GlobeSt.com exclusively reports that Marcus & Millichap has brokered the sale of the 49-unit, Griffin Apartments at Petworth Metro in Washington DC. The multifamily building sold to the Virginia-based, private equity fund, Viking Capital for $19.1 million; representing a $390,306 price per unit and a 4.68% cap rate.
Built in 2011 and located near the Georgia Avenue-Petworth metro station, Griffin Apartments features luxury one- and two-bedroom floorplans, an Amazon Hub package delivery system and a 19-space, underground parking garage.
Marcus & Millichap’s senior associate, Christian Barreiro and first VP of investments, Marty Zupancic brokered the sale between the buyer and the seller, an entity under the control of Donatelli Development.
“The asset’s continued strong performance, coupled with the presence of favorable assumable debt, created a solid platform for our team to broker this transaction into the hands of the winning bidder and new owner,” says Barreiro. “We are extremely pleased to be able to deliver such a positive result for our client amid the challenges caused by COVID-19.”
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.