Marcus & Millichap Facilitates Sale of Modo Apartments in Washington, D.C.
Marcus & Millichap has successfully completed the sale of Modo Apartments, a mixed-use property located in Washington, D.C.’s Petworth neighborhood. The asset, which includes 17 multifamily units and one ground-floor retail bay, sold for $5.3 million.
“We’re proud to have successfully closed this sale in a challenging and uncertain market,” said Ryan Murray, Associate at Marcus & Millichap. “Despite the headwinds, we executed a proactive and sustained marketing campaign that kept interest high and ultimately led us to the right buyer.”
The property was exclusively marketed by Ryan Murray, Marty Zupancic, and Andrew Pacious, investment specialists based in Marcus & Millichap’s Washington, D.C. office, on behalf of the seller, Rooney Properties.
The buyer, Gauhar Naseem, founder of AG Capital, has plans to stabilize the asset and lease the retail space. Located at 3709 New Hampshire Avenue NW, Modo Apartments was built in 2022 and spans 22,920 square feet. The building features 17 three-bedroom units and offers convenient access to the Georgia Ave-Petworth Metro Station, as well as nearby restaurants, retail, and entertainment venues.
