Aside from one property in the Capitol Hill market, all of the H&M apartment buildings are in the trendy Adams Morgan and Dupont Circle neighborhoods. The oldest of the bunch is the 33-unit Lanier, which was built in 1910. A great chunk of the portfolio was developed in the 1920s, including the 276-unit Park Plaza, the 63-unit Ravenel, the 57-unit Barclay, the 22-unit Quarry and the 21-unit Regal. The Park Marconi, with its 44 apartments, got its start in 1936, while the 64-unit Sarbin Towers and the 57-unit Richman Towers rose up in the 1950s. And hailing from the 1960s era are the 88-unit Park East and the 77-unit Park Meridian. According to Washington, DC tax records, the properties carry a proposed aggregate assessed value of about $36 million.

"This portfolio of apartment properties would provide an investor entry into a well-established and progressive DC market with tremendous upside," says Marcus & Millichap's Stacey Milam, adding that the properties are well-maintained and have a historically low vacancy. "Dupont Circle and Adams Morgan are experiencing the largest gentrification growth since the late 1960s, which is serving as a catalyst for a vibrant and dynamic rental and condominium market."

According to Delta Associates' Year-End 2003 Apartment & Condo Report, vacancy rates for class A and B properties are at 3% and below and, "as a result, the investment sales market for apartments has been booming, and transaction sales prices have risen sufficiently to drive cap rates down toward 6%." However, interested investors looking to pick and choose among the apartment communities will be disappointed. Marcus & Millichap confirms to GlobeSt.com that, as per the seller's wishes, the portfolio is being marketed as a single package.