The Zupancic Group of Marcus & Millichap has announced the sale of 6921 Georgia Ave. N.W., a 21-unit multifamily property in Washington, D.C.’s Brightwood submarket. The deal closed for $4.3 million, or $204,761 per unit.
The Zupancic Group executed on the listing assignment for the seller, a long-term client. The sale process generated 12 written offers and 28 property tours.
"Our team excels at breaking through pricing ceilings and achieving unheard of results for our clients over and over again,” says Marty Zupancic, senior director of the National Multi-Housing Group of Marcus & Millichap. “In this case, we devised a multidimensional marketing strategy, including a virtual tour and promotional video that received over 1,000 views from local, regional, and national investors, a targeted call campaign using our comprehensive proprietary database of multifamily owners and investors, and Marcus & Millichap's nationwide network.”
The property is located directly across the street from The Parks at Walter Reed, a mixed-use project in development in Upper Northwest D.C. Once complete, The Parks of Walter Reed will span over 3.1 million square feet of mixed-use commercial property across 66 acres, including jobs, retail, restaurants, and nightlife. Notably, a Whole Foods Market is set to open within a two-minute walk of the property.
"The opportunity to acquire a multifamily asset in the direct path of such substantial growth does not present itself every day. The fact that properties within a 1-mile radius of Whole Foods have historically increased in value at twice the rate of other such properties makes this investment prime for future appreciation. Highlighting major drivers of growth such as The Parks at Walter Reed and Whole Foods throughout our marketing process allowed us to achieve record pricing for our client," said John Slowinski of The Zupancic Group.
The buyer is a local private investor with a growing portfolio in the District of Columbia, who plans to renovate and invest in the property long term.