Marcus & Millichap Arranges Foreclosure Sale of Columbia Heights Multifamily Asset
Marcus & Millichap has announced the foreclosure sale of 1225 Clifton Street NW, a 19-unit apartment property in Washington, D.C. The asset sold for $4.35 million.
The winning bidder at the foreclosure auction was a local multifamily investor active in the D.C. submarket. The property is located in a high-barrier-to-entry submarket, with few multifamily properties having traded in the past five years. The property was listed for auction on behalf of the lender, Invictus Capital Partners, by Marty Zupancic, Dennis Cravedi, Eric Jentoft-Herr, Joseph Tabb, and Nick Murray of Marcus & Millichap’s Washington, D.C. office.
“Our team developed and executed an innovative, customized solution that leveraged our team’s strengths in the distressed asset sector of the multifamily investment sales market,” said Zupancic. “We were able to produce the results that our client, the lender, required in a challenging time in the current real estate climate.”