FOR IMMEDIATE RELEASE
Two Prominent Dupont Circle Multifamily Properties Sold After 64-Year Hold Period
Press Contacts: Alex Petrov, Investment Associate, (202) 932-5082 | Chris Chadwick, Managing Director, 202-932-5080
Washington, D.C., February 18, 2025 — Feldman Ruel, a leading commercial real estate firm specializing in the marketing and sale of investment properties in the Washington, D.C. metropolitan area, is pleased to announce the sale of 1715 and 1717 19th Street NW, two contiguous 8-unit multifamily buildings located in Dupont Circle, one of Washington, D.C.’s most prestigious neighborhoods. The two properties traded for a total sale price of $4,700,000 or $293,750 per unit. Alex Petrov and Chris Chadwick of Feldman Ruel represented the seller in the transactions.
The two properties had been owned and managed by Tom and William Beckett who are the grandchildren of the original purchaser, Edgar Beckett, who acquired the properties in 1961.. Ownership elected to dispose of the properties because they had relocated out of the area and didn’t want the associated management responsibilities any longer. Prior to Feldman Ruel’s involvement, two other brokers had been previously engaged by ownership to facilitate the disposition of the properties, however those efforts were ultimately unsuccessful so ownership elected to hire Feldman Ruel in late 2024. Prior to officially going the market, Feldman Ruel was able to identify a qualified local investor to purchase both assets together. 1715 19th Street NW sold for $2,450,000 in an all-cash transaction and closed 28 days following contract ratification. 1717 19th Street NW sold for $2,250,000 and closed 68 days following contract ratification. Both properties were delivered vacant, significantly accelerating the closing timeline. The buyer, local investor Wayne Ma, was attracted to the assets due to the rental demand and overall strength of the Dupont Circle neighborhood as well as the historic architecture and charm of the buildings. Mr. Ma plans to utilize the properties as short-term furnished rentals and hold them long term.
“Despite the challenges of the current market, both micro and macro, demand for multifamily assets, especially those which can be delivered vacant, located in historically sought-after D.C. neighborhoods remains extremely strong.” said Alex Petrov, Investment Associate at Feldman Ruel.
About Feldman Ruel
Feldman Ruel is a commercial real estate services firm focused primarily on investment sales and property management in the Washington, D.C. metropolitan area and is consistently recognized as a market leader in the industry. Feldman Ruel successfully completes scores of transactions every year making it one of the top investment sales brokerage firms in the area. The experience and relationships resulting from hundreds of successful transactions allow the principals and agents of Feldman Ruel to provide their clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.