Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 800-802 Taylor St. NW, a 20-unit apartment property located in Washington, D.C., according to Bryn D. Merrey, division manager of the firm’s Mid-Atlantic offices. The asset sold for $2,700,000, approximately $135,000 per unit. This represents the highest price per unit closing for multifamily properties in the Petworth neighborhood, per CoStar.
Josh Feldman, Benjamin Wilson, Cameron Webb, and Stacey Milam, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor who built and managed the property. The buyer, a developer, was also secured by Webb, Milam, Feldman and Wilson.
The property originally went under contract with a condo developer, but the tenants were able to organize and utilize their rights set forth in the Tenant Opportunity to Purchase Act (TOPA) to find an option to keep the building affordable.
“This transaction shows an effort to keep the city affordable,” Webb explained. “This is a prime example of a property that was going to be converted into condos, however, a local bank helped with a $150,000 deposit to keep the deal available for the tenants and their partner to purchase the building.”
800-802 Taylor St. NW, which saw multiple offers and tours, is approximately four blocks north of the Georgia Ave-Petworth metro station and directly across Taylor Street from the Petworth Recreation Center. Though Georgia Avenue experiences a high traffic rate upwards of 29,000 vehicles per day, the apartment complex is tucked into a quiet pocket while still benefiting from the proximity to a metro station and busy retail corridor.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 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 over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company 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, please visit: www.MarcusMillichap.com