WASHINGTON, DC—A private LLC scooped up Winchester Apartments, a 47-unit property here, for $58,510 per unit—the highest price per unit sale in the area since the downturn, according to Marcus & Millichap.
Located at 1110 N Warwick Ave., the property was owned by another LLC, which was represented by Dave Gray, an investment specialist in Marcus & Millichap's Washington, D.C. office. Gray secured the buyer as well.
The deal had to be creatively structured for it to make it across the finish line, Gray said in a prepared statement. "This was a very challenging transaction that required a lot of out of the box thinking to get it closed," he said.
It was worth it, he added, "as the number that we achieved has set a new trend for sales in that 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.
