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 1111 Lamont St. NW, a 13-unit apartment property in Washington, D.C., according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset, which is in the heart of the Columbia Heights neighborhood, sold for $3,250,000, approximately $250,000 per unit.
“We’ve seen firsthand how confidence in both Columbia Heights and the District as a whole are extremely high,” associate Grant Fitzgerald explains. “When we run our process and generate multiple offers, selling properties in the true five percent capitalization rate range is becoming more and more frequent for our clients with B-class properties.”
Fitzgerald teamed with Marty Zupancic, vice president investment, both in Marcus & Millichap’s D.C. office, to exclusively market the property on behalf of the seller, a private investor who’s owned the property since 2008 and completed substantial remodeling. After a marketing process that yielded seven offers, Fitzgerald and Zupancic also arranged the buyer, a local developer looking to grow its stable cash-flowing portfolio.
The property is located in the heart of Columbia Heights along the flourishing 11th Street Corridor, famous for its fantastic neighborhood restaurant and nightlife scene among historic early-1900’s rowhomes. Steps off of the corner of 11th and Lamont streets, 1111 Lamont St. NW is across the street from popular restaurants Room 11 to the south and El Chucho Cocina Superior to the east. The Property is also within a block of neighborhood staples such as Meridian Pint, RedRocks, The Coupe, and Wonderland Ballroom.
“I can remember when the majority of 11th Street’s retail storefronts were boarded up and closed,” Zupancic concludes. “Now we see one of the most vibrant, locally-owned, diverse, authentic restaurant strips in the city. Once Bad Saint was named number two in Bon Appetit’s list of America’s Best New Restaurants 2016, the corridor garnered even more local and national attention as well as critical acclaim. This diversity in local restaurants provides a phenomenal lifestyle hub for tenants at 1111 Lamont St. NW.”
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