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Marcus & Millichap Brokers Distressed MF Sale in DC
Marcus & Millichap has brokered the sale of a 14-unit multifamily property at 920 Madison Street NW in the Brightwood Park neighborhood of Washington, D.C., for $1.68 million.
“This was a challenging deal with many twists and turns, but our experience with distressed assets and the Brightwood and Upper Northwest neighborhoods helped us guide the transaction to a successful close,” said John Slowinski, associate director investments. Slowinski, Marty Zupancic and Ryan Murray of the Zupancic Group of Marcus & Millichap represented the seller, 76 M, Inc. The property was sold through a Chapter 11 bankruptcy process that was subject to U.S. Bankruptcy Court approval.
Built in 1957, the three-story, 11,466-square-foot building includes two one-bedroom and 12 two-bedroom apartments. The property is located just off Georgia Avenue and within one mile of the Parks at Walter Reed, a $1 billion mixed-use redevelopment that is delivering more than 2,200 new housing units, retail, office space and dining to the area.
