Marcus & Millichap Lends a Hand in Washington, D.C

The firm arranged the sale of a lot near Kennedy Street that will be transformed into 28 residential units.
Rendering of the 28-unit community at 5508 7th St. NW.

Rendering of the 28-unit community at 5508 7th St. NW.

Washington, D.C.—Marcus & Millichap announced the $2.35 million sale of an 8,140-square-foot lot at 5508 7th St. NW, which will be transformed into 28 residential units and 14 above-grade parking spaces. Senior Associate Grant Fitzgerald, along with First Vice President Marty Zupancic and Associate Matthew Chambers, all of Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor and developer in the District.

The property is situated north of 7th and Kennedy streets NW., close to the popular neighborhood Culture Coffee and the planned second location for ANXO Cidery, the District’s first licensed winery since the Prohibition era. The units will feature private roof decks, balconies and an elevator.

“Kennedy Street finally has real momentum, as evidenced by DDOT’s Kennedy Street Revitalization Plan, which took effect in October 2016, the new ANXO Cidery location opening soon and the number of recent transactions that will bring new apartments, townhouses and retail to the neighborhood,” Fitzgerald said in a statement. “People have talked about Kennedy Street’s future for a while but I think it is finally seeing investment into both businesses and property uses that will inevitably lead to organic growth.”

Rendering courtesy of Marcus & Millichap