Marcus & Millichap Inc.
11/04/2025 | Press release | Distributed by Public on 11/04/2025 18:27
Marcus & Millichap Closes Sale of 31-Unit Distressed Multifamily Property in Washington, D.C.
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Marcus & Millichap Closes Sale of 31-Unit Distressed Multifamily Property in Washington, D.C.
November 04, 2025
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WASHINGTON, D.C., Nov. 4, 2025 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 31-unit multifamily property in Congress Heights, Washington, DC. The property, part of an eight-property portfolio, was sold through a Chapter 11 bankruptcy process subject to United States Bankruptcy Court approval.
"This sale represents the first time in the property's history that it has changed hands, and it was important to find a buyer who appreciated its legacy," said Ryan Murray, associate director of investments. "As the only Southeast D.C. asset in the portfolio, it required a highly targeted marketing approach to identify the right investor pool. Tri-Star Investments, already active in the neighborhood, recognized the long-term value of the asset and will be an excellent owner moving forward."
Murray, along with Marty Zupancic and John Slowinski of the Zupancic Group of Marcus & Millichap, represented the seller, Olympia Investments, Inc., and procured the buyer, Tri-Star Investments. With an existing footprint in Southeast D.C., Tri-Star plans to integrate the property into its local portfolio.
Located at 4020-4040 Livingston Road SE, the property consists of two three-story brick apartment buildings totaling 33,264 square feet. Built in 1962, the asset includes 11 one-bedroom and 20 two-bedroom units, with an average size of 947 square feet.
The property is situated within the rapidly developing Congress Heights neighborhood, near the $1 billion St. Elizabeths East mixed-use redevelopment, which is transforming the area with new residential, retail, and dining options, as well as improved infrastructure and community amenities.
"Today's market is rewarding disciplined investors," Murray added. "Pricing has corrected, and buyers who take advantage of current conditions will be well-positioned when capital markets stabilize."
"This sale represents the first time in the property's history that it has changed hands, and it was important to find a buyer who appreciated its legacy," said Ryan Murray, associate director of investments. "As the only Southeast D.C. asset in the portfolio, it required a highly targeted marketing approach to identify the right investor pool. Tri-Star Investments, already active in the neighborhood, recognized the long-term value of the asset and will be an excellent owner moving forward."
Murray, along with Marty Zupancic and John Slowinski of the Zupancic Group of Marcus & Millichap, represented the seller, Olympia Investments, Inc., and procured the buyer, Tri-Star Investments. With an existing footprint in Southeast D.C., Tri-Star plans to integrate the property into its local portfolio.
Located at 4020-4040 Livingston Road SE, the property consists of two three-story brick apartment buildings totaling 33,264 square feet. Built in 1962, the asset includes 11 one-bedroom and 20 two-bedroom units, with an average size of 947 square feet.
The property is situated within the rapidly developing Congress Heights neighborhood, near the $1 billion St. Elizabeths East mixed-use redevelopment, which is transforming the area with new residential, retail, and dining options, as well as improved infrastructure and community amenities.
"Today's market is rewarding disciplined investors," Murray added. "Pricing has corrected, and buyers who take advantage of current conditions will be well-positioned when capital markets stabilize."
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 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 clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit https://www.MarcusMillichap.com.
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