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Marcus & Millichap has completed the sale of Modo Apartments, a mixed-use property comprised of 17 multifamily units and one ground-floor retail bay in Washington, D.C. The property sold for $5.3 million.
“We’re proud to have successfully closed this sale in a challenging and uncertain market,” said Ryan Murray, Associate. “Despite the headwinds, we executed a proactive and sustained marketing campaign that kept interest high and ultimately led us to the right buyer.” Murray, Marty Zupancic and Andrew Pacious, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, Rooney Properties.
Purchased by Gauhar Naseem, founder of AG Capital, 3709 New Hampshire Ave. NW features 17 three-bedroom units and one ground-floor retail bay in D.C.’s Petworth neighborhood. Built in 2022, the 22,920-square-foot property sits directly across from the Georgia Ave-Petworth Metro Station and is within walking distance of restaurants, retail shops and entertainment options. The buyer plans to stabilize the asset and lease the retail space.
Read more at Connect CRE.
View the Modo.
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.