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 The Rochelle, a 20-unit multifamily asset located at 2800 Connecticut Avenue NW in Washington. The asset sold for $7,250,000, or $362,500 per unit.
“With disruptive changes across the multifamily market over the past several months, transactions are becoming increasingly challenging to get across the finish line,” says Marty Zupancic, senior vice president investments. “Because of this, we are excited that our client was able to reach a successful conclusion to his ownership of this unique asset.”
Zupancic, in addition to first vice president investments Dennis Cravedi and investment advisors Nick Murray and Eric Jentoft-Herr, had the exclusive listing to market the property on behalf of the seller. The buyer, a California-based developer, was also secured by the team.
“Like many of our transactions, the close collaboration, communication, and hands-on approach with all stakeholders helped navigate many of the common obstacles faced with multifamily transactions in the District,” says Cravedi.
Built in 1921, The Rochelle is positioned on a corner lot in a transit-oriented location, only two blocks from the Woodley Park/Adams Morgan Metro Station. The property’s 20 units contain 14,680 rentable square feet and the building’s gross square footage is 24,639. The unit mix consists of five studio units, three one-bedroom units and 12 two-bedroom units. Unit amenities include hardwood floors, ceiling fans, stainless steel appliances, and updated bathrooms & kitchens in select units.