Marcus & Millichap completed the sale of Broadcast Apartments, a partially complete multifamily development project in D.C.’s Tenleytown neighborhood. The asset sold for $9.5 million.
“This was a very complex, multidimensional transaction involving a receiver, a ground lease, a partially completed building and a host of other issues,” said Marty Zupancic, senior managing director of investments in Marcus & Millichap’s Washington, D.C. office. “Without the significant experience level of this particular receiver, this deal would have been impossible to close.”
Zupancic, John Slowinski and Ryan Murray of Marcus & Millichap exclusively marketed the property on behalf of the seller, Black Dog Receiver, LLC, a court-appointed receiver. Broadcast Apartments is located at 4620-4624 Wisconsin Ave NW. The property is designed to be an eight-story, Class A development totaling 161,347 gross square feet.
It is situated on a 23,522-square-foot MU-4 zoned lot. The property will deliver 144 residential units and three ground-floor retail suites spanning 11,328 square feet. The property is surrounded by restaurants and retailers and is close to American University.
Boardwalk REIT is selling three Edmonton apartment communities for $106.5M, pushing its property dispositions this year to nearly $629M as the landlord increasingly finds value in selling older buildings rather than developing new ones. The transaction involves Northridge Estates, Parkview Estates and Riverview Plaza, which contain a combined 536 suites. Boardwalk disclosed the sale in...
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Vancouver-based Trez Capital is teaming with Starwood Capital to expand its U.S. residential land lending business, with the partnership expected to launch with a US$450M loan portfolio and originate more than US$1B annually. Announced Tuesday, the agreement will focus on financing land acquisition and development for single-family communities across the United States. The initial portfolio...
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The federal government wants developers to build a new neighbourhood beside the Ottawa Senators’ planned arena, the latest effort to revive LeBreton Flats and create a destination that draws people for more than hockey games and concerts. A new National Capital Commission process seeks expressions of interest for the Aqueduct District, part of the 29-hectare...
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