IPA Capital Markets Arranges $27M for Luxury DC Multifamily
IPA Capital Markets, a division of Marcus & Millichap, has arranged $26.87 million in financing, along with joint venture equity, for the acquisition of The Pinnacle, a newly built 115-unit luxury multifamily community in Washington, D.C.’s NoMa submarket.
Led by Max Hulsh in the firm’s Manhattan office, the IPA Capital Markets team arranged the acquisition financing with Prime Finance. The loan was secured on behalf of July Residential Group, a multifamily investment and management firm. The Pinnacle offers studios and one- to four-bedroom apartments ranging in size from 398 to 1,779 square feet.
“Completed in May 2024, the asset was acquired at a 35% discount to the seller’s $48 million cost basis,” said Hulsh. “The financing effectuated the discounted acquisition with accretive, competitively priced financing, enabling the sponsor to execute their business plan. The value-add bridge market remains one of the most competitive segments in private credit.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout