Listen to this articleA 22-unit multifamily property in Takoma Park has sold for $1,815,000, announced Marcus & Millichap, a Baltimore-area commercial real estate brokerage firm.
The transaction marks the second multifamily property M&M has sold in Takoma Park within the last month, according to a release. The same family owned the asset for decades before the property was eventually placed into a family trust and ownership transitioned to out-of-town owners, according to M&M executive Ryan Murray.
Located at 8306 to 8308 Barron St., the 15,428-square-foot building sits on a 1.24-acre lot. The property was sold to Alan Associates Inc., a property management company that owns more than a dozen residential properties throughout Montgomery County.
“We’re proud to help the family achieve a smooth and successful transition and to place the property with Alan Associates, a highly respected owner and operator in Montgomery County,” Murray said.
“Their commitment to making thoughtful improvements while continuing to provide high-quality, affordable housing makes them an ideal long-term owner of the asset.”
Built in 1955, the property is 95% occupied. It contains 20 one-bedroom and two two-bedroom units, according to M&M.
“While the broader market remains selective, we’re seeing strong demand for well-located multifamily assets in close-in submarkets like Takoma Park, particularly from experienced local operators,” Murray added.
“Pricing has adjusted, but that reset has created a healthier environment where deals are getting done and long-term owners are stepping in with confidence.”
