Multifamily Portfolio Up for Grabs for $88M

WASHINGTON, DC-The multifamily market in the District is still hot territory for investors, so the 11-property apartment portfolio that has just hit the market is likely to command a great deal of attention. Private investment equity firm H&M Enterprises has called on Marcus & Millichap Real Estate Investment Brokerage Co. to find a new owner for the apartment communities, which offer a total of 802 residential units accounting for nearly 675,000 sf.

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.