Horvath & Tremblay has completed the sale of 3228 Hiatt Place NW, a 22-unit 24,000-gross-square-foot multifamily asset in the Columbia Heights neighborhood of Northwest Washington, D.C.

The property, which was sold 100% vacant and in shell condition, traded for $4.4 million, approximately $183.33 per gross square foot, and $200,000 per unit. Dennis Cravedi and Christian Barreiro, who lead the Mid-Atlantic multifamily investment sales team for Horvath & Tremblay, brokered the sale, and had the exclusive listing to market the property for the seller. Cravedi & Barreiro secured the buyer.

Built circa 1910 as an apartment house, the asset last sold almost 40 years ago. The existing building, which had been vacant for over 10 years, requires substantial renovation and investment to stabilize and bring it to full occupancy.

“It will be exciting to finally watch the revitalization of this asset and the much-needed addition of more apartment units in one of DC’s most densely populated neighborhoods,” said Dennis Cravedi, a Senior Vice President with H&T.