IN THE NEWS
Third Generation Of D.C. Real Estate Family Sells Most Of Its D.C. Portfolio, Shifts To Other Markets
Marcus & Millichap's Webb said Wills' latest sales also represent a shift he is seeing from multifamily investors looking more at the suburbs than downtown areas. "There's a theory out there that suburban markets are going to be stronger given the fact that people are going to move out of the city to raise families," Webb said.
Marcus & Millichap Sells Dupont Circle Building for $3.4 million
Cameron Webb, first vice president investments, and Jesse Mates, associate in Marcus & Millichap’s Washington, D.C. office, exclusively listed the property on behalf of the seller and procured the buyer through a very competitive bidding process.
16th Street Heights Multifamily Trades for $4.72M
Cameron Webb, first vice president investments, and Jesse Mates, associate in Marcus & Millichap’s Washington, D.C. office, brokered the deal on behalf of the seller and procured the buyer. Through the TOPA process, the tenants elected to receive buyouts. Webb and Mates arranged multiple meetings for the tenants to meet with a residential lender from a regional bank along with two local realtors.
UNDER NEW OWNERSHIP, CONTROVERSIAL SANFORD CAPITAL APARTMENTS GET NEW LIFE
Mosuro acquired the G Street Apartments, a four-building, 45-unit complex at 4951-5957 G St. SE, for $4.5M. Marcus & Millichap First Vice President Cameron Webb and associate Jesse Mates brokered the sale, and Marcus & Millichap Capital Corp.'s Adam Scherr arranged the financing.
Buyer Of Northwest D.C. Property Plans Apartments Above Retail
District Properties, a D.C. developer that primarily builds single-family homes, is planning its largest multifamily property to date. The company acquired a property at 22-24 Kennedy St. NW for $4.8M from The Menkiti Group in a deal posted Tuesday to the D.C. Recorder of Deeds. Marcus & Millichap's Cameron Webb, Jesse Mates and Lou Jacobe brokered the deal.
MidCity Acquires Church Site Next For Future Development
MidCity Tuesday acquired the site of the Historic Berean Baptist Church at 1400 Montana Ave. NE, directly across the street from Brookland Manor, for $5.85M. The church is selling its property but reached an agreement with MidCity to lease it back for 18 months with the potential for future extensions, said Marcus & Millichap First Vice President of Investments Cameron Webb, who represented the church along with Marcus & Millichap's Josh Feldman and Ryan Smith.
106 Unit Deanwood apartment community sells for $9.3 million
A 1960s-era apartment community in the Deanwood neighborhood of Northeast DC has just traded hands for $88K per unit. Boston-based WinnCompanies acquired the 106-unit community from Rockville-based James Properties for $9.3M. Marcus & Millichap's Cameron Webb, Stacey Milam and J. Dominic Vito brokered the deal.
Historic BALTIMore Apartments change hands
Marcus & Millichap completed the sale of Frederick Douglass Apartments, a 99-unit multifamily and retail property in Sandtown, a West Baltimore neighborhood. The asset sold for $6.3 million to an undisclosed out-of-market buyer. The real estate investment services firm had the exclusive listing to market the property and procured the buyer.
Notorious Sanford Capital Sells 2 More D.C. Properties
Marcus & Millichap's Cameron Webb, a 26-year-old rising star in the industry who was just promoted to vice president and has closed over $125M in deals, represented Sanford in the the G Street apartments sale and Marcus & Millichap Associate Jesse Mates helped procure the buyer. Both brokers also arranged the Georgia Avenue deal. Webb said there was a lot of pressure to close the deal, given the looming foreclosure deadline.
Marcus & Millichap Arranges 42-Unit Sale in Southeast D.C.
Washington, D.C.—Marcus & Millichap recently announced the sale of The Geraldine, a 42-unit affordable multifamily property in Washington, D.C.’s southeast Congress Heights. The asset, sitting on a 0.95-acre lot just north of the D.C.-Maryland border, commanded $91,000 per unit, bringing the transaction to a total of $3.8 million.
Marcus & Millichap Sets Price/Door Record East of the River
Cameron Webb worked with Stacey Milam, first vice president investments, Christian Alves, and Jesse Mates, all investment specialists in Marcus & Millichap’s Washington, D.C. office, to market the property on behalf of the seller, a real estate development and investment company. The buyer, Claggion SE Holdings, LLC, a private local investment entity, was also secured by Webb.
Tenants Purchase Petworth Building For $135,000 Per Unit
Josh Feldman, Benjamin Wilson, Cameron Webb, and Stacey Milam, investment specialists in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor who built and managed the property. The buyer, a developer, was also secured by Webb, Milam, Feldman and Wilson.
Dupont Circle Building Trades With Eye On Airbnb Economics
WASHINGTON, DC-There are any number of uses that a Dupont Circle building could serve just based on its proximity to all things unique about Washington DC. The buyer of 1902 R St., NW, an erstwhile apartment building that most recently served as an extended stay hotel and local businessperson’s residence, plans to convert it into an higher-return bread and breakfast serving business travelers and visitors to the slew of nearby embassies.
FREDERICK COUNTY APARTMENT BUILDING SALE ARRANGED BY M&M
Marcus & Millichap (NYSE: MMI) announced the sale of The Westerleigh, a 30-unit apartment property located in Frederick, Md., according to Bryn D. Merrey, regional manager of the firm’s Washington, D.C. office. The asset sold for $1,787,500, which is approximately 98 percent of the listing price.
FORT TROTTEN RETAIL TRADES FOR $1,690,000
Marcus & Millichap (NYSE: MMI) today announced the sale of 123-127 Kennedy St. NW, a property consisting of three contiguous store-fronts in Washington, D.C., according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. The asset sold for $1,690,000, which represents $320 per square foot.
Meet The 26-Year-Old Broker Bursting Onto D.C.'s SCENE
A year ago, Marcus & Millichap investment sales broker Cameron Webb was living in his parents' basement, three years after graduating from the University of Virginia with a psychology degree. Now, he is nearing $100M in deals and close to being named a vice president at the national firm.