WASHINGTON, DC – Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, and advisory services, announced today the sale of Bennington Apartments, a 35-unit multifamily property in Washington D.C. According to Brian Hosey, district manager of the firm’s Washington, D.C. Office.
Marty Zupancic, first vice president investments, and Christian Barreiro, senior associate, both of the Zupancic Group of Marcus & Millichap, brokered the sale of the asset between the seller, Marc Albert, a Chapter 11 Bankruptcy Trustee appointed by the United States Bankruptcy Court for the District of Columbia, and the buyer, a local private real estate investor.
Located at 4480 C Street SE, 4559 Benning Road SE, and 4569 Benning Road SE in the Fort Dupont submarket, the three-building community traded for $3,340,000 or $95,428 per unit. Christian Barreiro said, “We were incredibly pleased with the outcome of our comprehensive marketing process. We generated 10 written offers after conducting 25 property tours, which created a level of competition that allowed us to exceed the asking price by over 12%.”
Marty Zupancic added, “This assignment certainly had a number of obstacles to overcome. The asset was estimated to have over $1.2 million in deferred maintenance and there was high vacancy, both economic and physical. Despite the setbacks, we were able to deliver a result that exceeded expectations and were able to collaborate effectively with all parties involved in the Bankruptcy process”. This transaction was yet another example in recent years of the Zupancic Group of Marcus & Millichap utilizing their Bankruptcy sale expertise to navigate a challenging assignment. Marty is one of the most active multifamily advisors in the area and leads a team of multifamily advisors who specialize in markets throughout the DMV. He has developed an extensive track record of executing assignments for a diverse client base through his collaboration with clients, extensive market knowledge, analytical approach, attention to detail, and unparalleled integrity. According to Zupancic, “We’ve helped facilitate over $125 million in Bankruptcy Sales alone and that number continues to grow monthly.”
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.