Marcus & Millichap Brokers $11.7M Sale of Property in Washington, D.C.
- Mar 16, 2010
Washington, D.C.– Marcus & Millichap Real Estate Investment Services sold The New Amsterdam, a 75,375-square foot multifamily and retail asset in Washington, D.C. The sales price of $11,750,000 represents $156 per square foot, or $130,556 per unit.
Stacey Milam, a first vice president investments and director of the firm’s National Multi Housing Group in Washington, D.C., represented the seller, a Pennsylvania-based partnership. Tracy Edwards, a multifamily investment specialist also in Marcus & Millichap’s Washington, D.C., office, represented the buyer, a Virginia property owner.
“The ownership has acquired a rare, non rent-controlled multifamily asset in a revitalized section of Washington, D.C.,” says Milam.
Located in the Columbia Heights neighborhood at 2701 14th St., The New Amsterdam is four blocks from the Columbia Heights Metro Station and the DC USA Shopping Center. The mixed-use property’s 90 residential units are currently 99 percent occupied and its four ground-level retail spaces encompass 4,000 square feet.
Built in 1950, The New Amsterdam has received numerous capital improvements, including a new roof covering the retail space in 2007 and main roof replacement in 2008. The lobby was renovated and remodeled in 2008. The residential units will also be renovated as they become vacant.