IPA Capital Markets, a division of Marcus & Millichap, has arranged $26.87 million in financing together with joint venture equity for the acquisition of The Pinnacle, a newly built luxury multifamily property in Washington, D.C.’s NoMa submarket. The 115-unit community changes hands as investors continue to target high-quality residential assets in established urban neighborhoods.
The assignment was led by Max Hulsh of IPA Capital Markets’ Manhattan office. Hulsh and the team structured the acquisition financing with Prime Finance and secured the loan on behalf of July Residential Group, a multifamily investment and management firm. In addition to the debt, IPA Capital Markets sourced joint venture equity to complete the capital stack for the purchase.
The Pinnacle consists of 115 studio, one-, two-, three- and four-bedroom apartments. Individual units range in size from 398 square feet to 1,779 square feet, offering a mix of smaller formats and larger layouts within the same community. The property was completed in May 2024, positioning it as a recently delivered, modern asset within the broader NoMa residential market.
According to Hulsh, The Pinnacle was acquired at a 35% discount to the seller’s $48 million cost basis. The financing was structured to take advantage of this pricing, providing what he described as accretive, competitively priced capital that supports the new owner’s business plan for the property. While specific loan terms were not disclosed, the combination of discounted basis and tailored financing was presented as central to the overall execution.
Hulsh also noted that the value-add bridge market remains one of the most competitive segments in private credit. The Pinnacle transaction, with its bridge-style acquisition financing and joint venture equity, reflects this environment, where private lenders are actively competing to fund business plans that seek to enhance income and value over a relatively short investment horizon. For July Residential Group, the structure offers flexibility to implement its strategy at a basis that is materially below the seller’s original cost.
The deal underscores ongoing capital markets activity around newly built, well-located multifamily assets in Washington, D.C., even amid selective underwriting and shifting capital costs. With IPA Capital Markets coordinating both the debt and equity components, the transaction illustrates how specialized capital markets teams are positioning investors to secure institutional-quality assets with embedded discounts to replacement cost.
