WASHINGTON, DC–1111 Lamont St. NW, a 13-unit apartment property in Columbia Heights, has traded for $3.25 million, or $250,000 per unit. If that sounds like Class A apartment pricing, you would be correct. However, 1111 Lamont St. is definitely a class B property despite its recent renovations, according to Grant Fitzgerald and Marty Zupancic of Marcus & Millichap, who marketed the property on behalf of the seller, a local private investor.
A Microtrend
The property traded in the 5% cap rate range — and there have been numerous Class B apartment trades in Columbia Heights at that cap rate, according to Fitzgerald.
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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.
