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Marcus & Millichap Closes Sale of 31-Unit Distressed Multifamily in DC
Marcus & Millichap completed the sale of a 31-unit multifamily property in Congress Heights, Washington, D.C.
The property, part of an eight-property portfolio, was sold through a Chapter 11 bankruptcy process subject to United States Bankruptcy Court approval. “This sale represents the first time in the property’s history that it has changed hands, and it was important to find a buyer who appreciated its legacy,” said Ryan Murray, associate director 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, Tri-Star Investments. With an existing footprint in Southeast D.C., Tri-Star plans to integrate the property into its local portfolio.
Located at 4020–4040 Livingston Road SE, the property consists of two three-story brick apartment buildings totaling 33,264 square feet. Built in 1962, the asset includes 11 one-bedroom and 20 two-bedroom units. The property is situated within the rapidly developing Congress Heights neighborhood, near the $1 billion St. Elizabeths East mixed-use redevelopment.
