Marcus & Millichap Arranges Sale, Financing of 37-Unit DC Apartment Building
Marcus & Millichap brokered the sale of 4107 Connecticut Ave NW, a 37-unit apartment building in the Van Ness neighborhood of Washington, D.C.
The asset sold for $4.675 million. Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap, arranged $3.5 million in financing. “Buyer demand remained strong given the property’s prime location, durable in-place income, recent capital improvements, and thoughtful upgrades across a majority of the units,” said Lorenzo Wooten, CCIM, senior director of investments.
The Wooten Group of Marcus & Millichap exclusively marketed the property on behalf of the seller, Sirius LLC, and procured the buyer, White Crest CT LLC. Jared Cassidy, senior director, capital markets, secured a five-year loan with a national bank on behalf of the buyer. The loan was structured to complement the buyer’s capital improvement plan, with a built-in interest-only period followed by 35 years of amortization.
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Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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Roxborough Makes Second NorCal Apartment Buy Through Latest Fund
The Roxborough Group, LLC has acquired Bidwell Park, a 246-unit apartment community in Fremont, for $109.4 million. The 95% occupied property at 39800 Fremont Blvd. represents Roxborough’s second multifamily acquisition in Northern California within Roxborough Fund III, L.P., a $518-million discretionary fund focused on opportunistic and value-add investments. “The acquisition of Bidwell Park aligns with...
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National Inflation Averages Hide Local CRE Opportunities, Marcus & Millichap Says
Higher-than-expected September inflation has been driving the CRE narrative of increased cost of capital, along with rising operating and construction expenses. The consumer price index rose 3.7% year-over-year in September, according to the U.S. Bureau of Labor Statistics, while the producer price index for final demand climbed 6.3% A recent Marcus & Millichap video said...
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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
Lenders
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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