Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Modo Apartments, a mixed-use property comprised of 17 multifamily units and one ground-floor retail bay located at 3709 New Hampshire Avenue NW in Washington, D.C.
“We’re proud to have successfully closed this sale in a challenging and uncertain market,” said Ryan Murray, Associate. “Despite the headwinds, we executed a proactive and sustained marketing campaign that kept interest high and ultimately led us to the right
buyer.”
Murray, Marty Zupancic and Andrew Pacious, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, Rooney Properties.
“Our team has been very active in the Petworth multifamily market for almost two decades,” added Zupancic, Senior Vice President Investments. “Working with an owner as savvy and sophisticated as Rooney Properties on this disposition was refreshing and enlightening.”
Purchased by Gauhar Naseem, AG Capital, Modo Apartments features 17 three-bedroom units and one ground-floor retail bay in Washington, D.C.’s Petworth neighborhood. Built in 2022, the 22,920-square-foot property sits directly across from the Georgia Ave-Petworth Metro Station and is within walking distance of numerous restaurants, retail shops and entertainment options. The buyer plans to stabilize the asset and lease the retail space amid early signs of market recovery and renewed investor interest in Petworth.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
