Marcus & Millichap announced the $2 million sale of The Flower House, a 20-unit multifamily asset in Takoma Park, Maryland.
The property, part of an eight-property portfolio, was sold through a Chapter 11 bankruptcy process subject to United States Bankruptcy Court approval. “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.
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, Alan Management. This is the first time the property has traded. The buyer plans to operate the asset as a long-term hold, maintaining its strong occupancy while making select improvements over time.
Built in 1958, The Flower House is located at 8212 Flower Ave. The three-story property totals 15,846 square feet and includes 11 one-bedroom and nine two-bedroom units averaging 718 square feet.
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