Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 430 Missouri Avenue NW in Washington, D.C. The 13-unit apartment property sold for $2.3 million at a 3.88 percent cap rate, according to Brian C. Hosey, division manager of the firm’s Mid-Atlantic offices.
Christian Barreiro, Marty Zupancic, John Slowinski and Eric Jentoft-Herr, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, NOVO Properties, and secured the buyer, a private investor. “This sale marks our team’s eighth multifamily deal that we’ve helped trade in the ‘Upper Northwest’ D.C. submarkets in just the past 12 months. We’re very excited by the effect that the Parks at Walter Reed is having on real estate values in the neighborhood,” said Barreiro. “We are pleased to have generated such high activity levels for the client, with 9 written offers generated, which led to such a strong pricing result.”