WASHINGTON, DC-A deal valued at nearly $27 million has left a joint venture involving Arbor Commercial and the Collins Group in possession of Marbury Plaza, a 672-unit multifamily property in the southeast section of the District. Marbury Plaza LLC was the seller in the transaction, which was brokered by CB Richard Ellis’s CBRE Washington-Baltimore Multi-Housing Group. According to Washington, DC tax records, the property has a current assessed value of $19.4 million.A 1960s era property, Marbury Plaza consists of a high-rise structure, low-rise apartment options and a two-level underground parking facility just a stone’s throw from the Anacostia River. The owner began marketing Marbury Plaza in 2001, but a designated buyer pulled out of the arrangement following the Sept. 11, 2001 terrorist attacks. The new owner signed on to buy the property two years ago; matters involving tenants’ rights prevented a more expeditious closing of the sale.”The sale process was particularly lengthy in this case and exemplifies some of the challenges that can occur when trying to address tenants’ rights issues,” CBRE senior vice president Mike Muldowney says. “The seller complied with all of the requirements of the DC Code and the deal was finally completed.”

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