**Marcus & Millichap Arranges Sale of Concord Gardens in Washington, D.C.**
Marcus & Millichap has announced the sale of Concord Gardens, a 70-unit multifamily community located in the Brightwood neighborhood of Northwest Washington, D.C. The property was sold for $4.5 million.
At the time of the sale, approximately 54% of the units were vacant. “Despite the challenges of Chapter 11 bankruptcy, high vacancy, and significant distress, we navigated the process strategically and secured a successful sale in a short timeframe,” said Ryan Murray, associate at Marcus & Millichap.
Originally built in 1936, Concord Gardens comprises five contiguous garden-style apartment buildings. Each unit is a one-bedroom, one-bathroom layout, averaging 650 square feet. The entire property sits on a 0.93-acre lot.
The new owner, Georgia Builders, LLC, plans to conduct a full gut renovation of all five buildings to restore the property as an affordable housing option for the community. “This transaction not only revitalizes the asset but also supports the long-term stability and affordability of housing for the surrounding community,” said Marty Zupancic, senior managing director, investments.
