Marcus & Millichap has completed the sale of Concord Gardens, a 70-unit multifamily community located in the Brightwood neighborhood of Northwest Washington, D.C.

The property sold for $4.5 million. Approximately 54 percent of the units were vacant at the time of sale.“Despite the challenges of Chapter 11 bankruptcy, high vacancy and significant distress, we navigated the process strategically and secured a successful sale in a short timeframe,” Ryan Murray, associate. Built in 1936, Concord Gardens consists of five contiguous garden-style apartment buildings.

All units are one-bedroom, one-bathroom, averaging 650 square feet on a 0.93-acre lot. The new buyer, Georgia Builders, LLC, will be doing a full gut rehab on all five buildings in order to bring these affordable housing units back online. “This transaction not only revitalizes the asset but also supports the long-term stability and affordability of housing for the surrounding community,” said Marty Zupancic, senior managing director, investments.