WASHINGTON, DC—Marbury Plaza, a 672-unit apartment building located on 2300 Good Hope Rd. has been sold, a source tells us, resolving a troubled situation for the property and its lender.
The source says the 11-story building traded for approximately $55 million, or $81,845 per unit approximately. The buyer is an LLC, owned by an investor in New York City (hat tip to Washington Business Journal's Michael Neibauer, who Tweeted the information last month).
Marbury Plaza has the dubious distinction of being one of the relatively few DC area properties to go into distress during the recession. Other cities saw more than their fair share of troubled situations, foreclosures and returns to special servicers. The DC area, though, managed to sail through relatively unscathed with a few exceptions – Marbury Plaza being one of them.
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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.
