WASHINGTON, DC-Investors interested in a multifamily property located in Fort Totten bid up its asking price over thirty times in $10,000 increments to ultimately reach the sale price of $3.4 million. The property, which was part of a Chapter 11 bankruptcy sale, received court approval for the sale last November.

Because the property was part of a bankruptcy estate, it was exempt from D.C.'s TOPA (Tenant Opportunity to Purchase Act) regulations, allowing the buyer to close relatively quickly.

The apartment complex, located at 5301 New Hampshire Ave. NW, is less than a ten-minute walk to the Fort Totten Metro. Marty Zupancic and Grant Fitzgerald, investment specialists in Marcus & Millichap's Washington, D.C. office, marketed the building, ultimately giving thirty-seven tours of the property that generated 13 bids. Said Zupancic in a prepared statement: "This is a rare opportunity for a private real estate investor to add more units to their portfolio in a transit-oriented location with clear upside in rents in the short and long term in a neighborhood that is experiencing the benefits of significant investment."

The asset sold for $78,182 per unit, which Zupancic and Fitzgerald say is one of the highest sales comps in the submarket. The building consists of seven two-bedroom/one-bath units, 10 efficiencies, and 27 one-bedroom/one-bath units.

Built in 1931, the building has good curb appeal thanks to its art deco architectural style.

Perhaps the biggest draw, though, is its location. Not only is it close to the metro station, but it is also less than a mile from two large projects under development--Fort Totten Square and Art Place at Fort Totten.

Fort Totten Square is a $100 million mixed-use development project co-developed by JBG and Lowe Enterprises, that iis slated to be anchored by an urban format Wal-Mart, and include 350 luxury apartments and 740 underground parking spaces

Art Place at Fort Totten, developed by the Morris & Gwendolyn Cafritz Foundation, will feature 305,000 square feet of retail, 929 multifamily residential units, a 47,000 square foot Children's Museum, and 170,000 square feet of cultural art and space.