DC Multifamily Trades for $19M
Marcus & Millichap brokered the sale of the 49-unit, Griffin Apartments community for a sales price representing a 4.68% cap rate.
WASHINGTON DC – GlobeSt.com exclusively reports that Marcus & Millichap has brokered the sale of the 49-unit, Griffin Apartments at Petworth Metro in Washington DC. The multifamily building sold to the Virginia-based, private equity fund, Viking Capital for $19.1 million; representing a $390,306 price per unit and a 4.68% cap rate.
Built in 2011 and located near the Georgia Avenue-Petworth metro station, Griffin Apartments features luxury one- and two-bedroom floorplans, an Amazon Hub package delivery system and a 19-space, underground parking garage.
Marcus & Millichap’s senior associate, Christian Barreiro and first VP of investments, Marty Zupancic brokered the sale between the buyer and the seller, an entity under the control of Donatelli Development.
“The asset’s continued strong performance, coupled with the presence of favorable assumable debt, created a solid platform for our team to broker this transaction into the hands of the winning bidder and new owner,” says Barreiro. “We are extremely pleased to be able to deliver such a positive result for our client amid the challenges caused by COVID-19.”
“My partners and I are very happy that we chose The Zupancic Group of Marcus & Millichap to navigate the marketing and sale of this multifamily asset,” states Chris Donatelli, managing member of Donatelli Development. “They performed exceptionally well, especially considering the challenges caused by the global health pandemic.”
The disposition serves as the second transaction within the past 12 months in which Zupancic and Barreiro represented Donatelli Development within the submarket. The previous transaction comprises the brokered sale of the 32-unit building, 3825 Georgia in November 2019, which sold for a 4.5% cap rate.
“The market is strong and the appetite for multifamily continues to outweigh the supply of product available to purchase,” states Zupancic. “We are extremely happy with the financial results that we have achieved for our client and the fact that we crossed the finish line despite the COVID-19 health pandemic.”