The Arbor at Takoma Sells for $13.35M Following High-Profile Foreclosure; Feldman Ruel Secures Buyer at 96% of List Price

Press Contact: Josh Feldman, Managing Principal, (202) 318-6833

Washington, D.C., June 24, 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 218 Cedar Street NW, a 36-unit multifamily building that also includes four commercial units in the Takoma neighborhood of Washington, D.C. The property sold for $13,350,000, which was 96% of the list price. The sale price equates to $333,750 per unit. Josh Feldman, Chris Chadwick, and Hannah McCann of Feldman Ruel represented the seller in the transaction.

Originally developed as a for-sale condominium project by Adrian Washington’s Neighborhood Development Company (NDC), the property, known as The Arbor at Takoma, was foreclosed on by the lender in 2024, following NDC’s financial challenges and eventual decision to cease operations. Feldman Ruel was engaged by Willard Holdings VI, LLC, an affiliate of the lender, to manage the property and market it for sale.

The assignment followed an unsuccessful marketing effort by a national brokerage firm on behalf of NDC. Upon listing the property for Willard Holdings VI, LLC, Feldman Ruel launched a competitive marketing process that generated strong interest from both local and out-of-market investors. While most of the offers were sourced directly through various agents of Feldman Ruel, its cooperative platform helped to secure additional offers through outside brokers as well. The selected buyer, a joint venture between July Residential Group led by Isaac Pinto and Avihai Daniell and Matador Capital led by Larry Bank, operating collectively as 218 Cedar Owner, LLC, was secured directly by Feldman Ruel.

The buyer plans to lease up the property and operate it as apartments rather than sell off the individual condominium units, leveraging the property’s high-quality finishes, walkable location, and proximity to the Takoma Metro station, along with surrounding neighborhood amenities.

Feldman Ruel’s vertically integrated platform, including investment sales, property management, and advisory services, was a key factor in its selection for this assignment, enabling the firm to advise the lender during the pre-foreclosure and foreclosure processes, seamlessly transition the management of the asset to prepare it for sale immediately following the foreclosure, and then execute on a marketing a sale effort to secure the highest possible price in the shortest period of time.

“This transaction was an excellent example of Feldman Ruel’s unique ability to act as a one-stop shop for any lender’s REO department by providing proper guidance as it determines the best course of action prior to and during the foreclosure process, property management services during the transitionary period, and investment sales brokerage services to handle the disposition effort,” said Feldman, Managing Principal with Feldman Ruel. “It would be atypical for any management company to take on such a short-term assignment however, our firm, understanding the specific challenges faced by many lenders in today’s economic climate, can provide a tailored suite of servicesto any lender considering a foreclosure. I’m sure it also probably doesn’t hurt that we happen to be among the leaders every year in number of commercial property sales in the Washington, D.C. area.”

The transaction moved efficiently as the buyer was secured after only a 71-day marketing period during which numerous offers were received. The sale of Arbor at Takoma stands as one of the highest-profile distressed multifamily deals in the D.C. market in the past year and underscores the continued demand for well-located, newer-construction multifamily assets.

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, the most effective multichannel marketing, and the best advisory services available in the market.

 

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