Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 1460 Euclid Street NW, a 26,640 SF multifamily building sold as an affordable housing redevelopment opportunity just steps from Meridian Hill Park and the 14th Street Corridor. After a successful marketing process that yielded 14 written offers and 49 property tours, the property sold on October 29th, 2018 for a price of $6,000,000 to Jubilee Housing, a local affordable housing provider, through the TOPA process.
The property was built in 1926 and sits on a 7,182 Square Foot Lot which is zoned RA-2. The property was approximately 31.25% occupied at the time of contract and closing. Grant Fitzgerald and Marty Zupancic of Marcus & Millichap represented the Seller in the transaction. Fitzgerald notes, “the highly competitive marketing process yielded 14 written offers and was won by a market-rate developer. Ultimately, Jubilee Housing showed their commitment to creating affordable units in the District by putting together a fund to partner with the tenants and allowing them to match the top contract via the TOPA process to make this project happen.”
The building sits on the hard corner of Euclid Street NW and University Place NW just East of Meridian Hill Park and West of 14th Street NW. The property is ideally located within a 15-minute walk to including Columbia Heights Metro Station (10 Minutes), U Street/ Cardozo Metro Station (12 Minutes), and Adams Morgan’s 18th Street Corridor (10 Minutes).
The Seller was a local D.C. Apartment owner who has long maintained affordable units but saw an opportunity for a more active player like Jubilee to add value to the building and make necessary renovations to the structure. Fitzgerald adds that, “It’s gratifying to know that after 14 written offers we got the best price for our client, the Seller, and that the tenants are in a great position for the future with Dorothy and Jim at Jubilee. Because they stayed so committed to their vision the tenants at 1460 Euclid St NW will benefit for decades to come.”
Marty Zupancic, First Vice President Investments in Marcus & Millichap’s D.C. office, added that, “This is a win for all parties involved. By transferring ownership of this asset to a capable and visionary affordable housing provider, this is a win for the seller, buyer, brokers, and for the neighborhood, which will see affordable housing preserved and maintained in an attractive and thoughtful way.”
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
