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 two multifamily properties located in Northeast Washington, D.C. The sale prices of both assets total $2.8 million, according to Brian C. Hosey, divisional manager of the firm’s Mid-Atlantic offices.
Based in Marcus & Millichap’s Washington, D.C. office, Dennis Cravedi, John Slowinski, and Marty Zupancic of The Zupancic Group had the exclusive listing to market the properties on behalf of their sellers and secured their buyers. “Even as we are seeing borrowing and construction costs increase, the interest and pricing our team generated on these deals clearly demonstrated there is still a strong demand for condo conversion projects, especially in emerging and more affordable Washington D.C. markets,” said Cravedi.
The properties, which both sold vacant, are as follows:
- 2117 M Street NE, 5 existing units, $1,500,000
- 1140-1142 17th Street NE, 6 existing units, $1,300,000
2117 M Street NE was sold by Trinidad Properties, LLC and purchased by Atelier Gardens, LLC. It is located in the Carver Langston neighborhood of Northeast Washington, D.C. The buyer plans to construct 17 condo units at just over 10,000 buildable square feet. 1140-1142 17th Street NE is also located in Washington D.C.’s Carver Langston neighborhood. The property is situated on 6,063 square feet of RF-1 zoned land and the buyer plans to redevelop it into six large two-story condominium units. It was sold and bought by private investors.
