WASHINGTON, DC–A popular play for developers in the Washington DC area has been to buy small, urban infill properties to redevelop into luxury condos. And so it went for 1101-1109 Q St. NW recently — a partially occupied multifamily complex consisting of three contiguous buildings that were built in 1911 and that sit on a 6,223-square-foot lot. They are just north of the Shaw Historic District and northeast of the Logan Circle Historic District.
As is typical for Logan Circle specifically and multifamily/ condo development opportunities in general, the marketing process, led by Marcus & Millichap's Grant Fitzgerald and Marty Zupancic, went well and yielded 25 written offers. The property sold for $3.5 million, 16.7% above the list offer.
The seller was the estate of two brothers whose family had owned the property since the 1920s and the buyer is a local developer, who plans to convert the property into luxury condominiums.
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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.
