(To read more on the multifamily market, click here.)
WASHINGTON, DC-According to industry sources, two local investors are poised to close on a multifamily building on 1121 24th St. NW. The 47-unit property was listed with Ari Firoozabadi, an associate in the Washington, DC office of Marcus & Millichap Real Estate Investment Brokerage's national multihousing group.
When contacted by GlobeSt.com, Firoozabadi confirmed that the building had been placed under contract on Aug. 23rd, but has not closed yet. The seller, a limited partnership called 1121 24th Street, was said to have received about nine offers for the Class C property. The property had been listed at $3.6 million. Industry sources confirmed that the winning bid was approximately 10% higher than that.
"It is a Class C property but located in a Class A area," Firoozabadi says, referring to the tony West End part of DC. Also, there are very high barriers to entry and little to no velocity in this part of the city, he adds. There is a chance, though, that this section of Washington, DC may be poised for redevelopment as several nearby properties are rumored to about to be put on the market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
