Marcus & Millichap Brokers Sale of 20-Unit Maryland Multifamily

Marcus & Millichap announced the $2 million sale of The Flower House, a 20-unit multifamily asset in Takoma Park, Maryland.

The property, part of an eight-property portfolio, was sold through a Chapter 11 bankruptcy process subject to United States Bankruptcy Court approval. “Flower House attracted a tremendous amount of interest due to its location, stable and consistent economic performance and long history of thoughtful, hands-on ownership,” said Ryan Murray, associate investments.

Murray, along with Marty Zupancic and John Slowinski of the Zupancic Group of Marcus & Millichap, represented the seller, Olympia Investments Inc., and procured the buyer, Alan Management. This is the first time the property has traded. The buyer plans to operate the asset as a long-term hold, maintaining its strong occupancy while making select improvements over time.

Built in 1958, The Flower House is located at 8212 Flower Ave. The three-story property totals 15,846 square feet and includes 11 one-bedroom and nine two-bedroom units averaging 718 square feet.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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