By Bogdan Odagescu, Associate Editor
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.
Cameron Webb, investment specialist with Marcus & Millichap’s local office, led the team in marketing and representing the seller, an unnamed local private investor. He was assisted in his efforts by Stacey Milam, Christian Alves and Jesse Mates of the same office. Webb also secured the buyer, a private investor looking to stabilize the asset for an increased net operating income.
The three-story brick and concrete building, located at 4301 Wheeler Road, was completed in 1950 and most recently renovated in 1985. According to Property Shark, the 28,192-square-foot asset last changed hands five years ago for $2.4 million, or approximately $57,000 per unit. The Geraldine’s current tenants are mainly voucher subsidized.
The 2015 district assessment evaluated the affordable property at $2.4 million. “This transaction is yet another example of values dramatically increasing east of the river. Even as recent as December 2014, we sold a similar property only two blocks away for $86,000 per unit…There is a true rush to capitalize on the accelerating appreciation within this market,” said Webb in a prepared statement.
Image courtesy of Marcus & Millichap