London Terrace, which last changed hands in 1984 in a $1.7-million deal, has a current assessed value of $3 million. Completed in 1962 at 8710 Manchester Rd., it sits on a 1.5-acre parcel just one block from Sligo Creek Park off the Capitol Beltway. The seller, a Washington, DC-based partnership operating under the name London Terrace Associates, called on David Weber and Peggy Brooks Smith of Marcus & Millichap Real Estate Investment Brokerage Co. to market the property and secure a buyer.
"This is a very competitive market with lots of investor interest," Weber says. "The tenants stepped up, took advantage of their rights under the law, and performed as competently and successfully as any proven investor."
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