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**Marcus & Millichap Brokers $2M Sale of 20-Unit Multifamily in Takoma Park, MD**
Marcus & Millichap has announced the $2 million sale of The Flower House, a 20-unit multifamily property located in Takoma Park, Maryland.
The Flower House was part of an eight-property portfolio and sold through a Chapter 11 bankruptcy process, pending approval by the United States Bankruptcy Court. The property drew substantial investor interest owing to its desirable location, consistent economic performance, and a longstanding tradition of attentive ownership.
“The Flower House attracted a tremendous amount of interest due to its location, stable and consistent economic performance, and long history of thoughtful, hands-on ownership,” said Ryan Murray, associate investments at Marcus & Millichap.
The transaction was brokered by Ryan Murray, Marty Zupancic, and John Slowinski of the Zupancic Group at Marcus & Millichap. The team represented the seller, Olympia Investments Inc., and secured the buyer, Alan Management. This marks the first time the property has ever changed hands. Alan Management intends to operate the building as a long-term hold, with plans to maintain its strong occupancy rate while implementing select improvements over time.
Constructed in 1958, The Flower House is located at 8212 Flower Ave. The three-story property encompasses 15,846 square feet and includes 11 one-bedroom units and 9 two-bedroom units, with an average unit size of 718 square feet.
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