One-off Apartment Trades Attract Investors

WASHINGTON, DC-With the larger institutional players having snapped up many of the area’s core and value-add multifamily assets, investors are targeting smaller projects in the District on an asset-by-asset basis. In some cases, such as with locally-based Urban Investment Partners, they are acquiring properties that can only be called blighted.

Shortly before the year’s end, Marcus & Millichap Real Estate Investment Services, announced the sale of a 23-unit apartment property located in the Petworth submarket at 3921 Kansas Ave., NW. Peggy Brooks Smith and Marty Zupancic repped both the seller, a partnership, and the buyer, a private investor. The property, which was constructed in 1952, sold for $1.5 million or $66,500 per unit and at a 6.6% cap rate. Twenty of the 23 units were occupied at the time of the sale. Payton Banks also assisted in closing the  transaction.