Marcus & Millichap Settles the Sale of a 13-Unit Condominium Building in Northwest DC

Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage specializing in the sale of investment, financing, research and advisory services, today announced the sale of 430 Missouri Avenue NW in Washington, DC. The 13-unit condominium has sold for $2.3 million at a cap rate of 3.88 percent, according to Brian C. Hosey, division manager of the company’s Mid-Atlantic offices.

Christian Barreiro, Marty Zupancic, John Slowinski and Eric Jentoft-Herr, investment specialists in Marcus & Millichap’s Washington, DC office, had the exclusive offer to market the property on behalf of the seller, NOVO Properties, and assured the buyer, a private investor . “This sale marks our team’s eighth multifamily deal that we have helped trade in the ‘Upper Northwest’ DC submarkets in the past 12 months. We are very excited about the effect Walter Reed’s parks are having on the value of real estate in the area,” said Barreiro. “We are delighted to have generated such high levels of customer activity, with 9 written offers leading to such a strong pricing result.”

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