CBRE Group Inc. is weighing offers to buy $48.7 million in debt on the Marbury Plaza apartments in Southeast D.C. that could result in the community's sale to new owners.
Brokers at CBRE Group Inc. are weighing proposals to sell the debt on the controversial Marbury Plaza apartments in Southeast D.C. in a deal that could trigger the 671-unit rental community?s sale to new owners.
The brokerage had set a July 16 deadline to receive offers for the $48.7 million in debt on the property, which is broken down into three different notes and is in default, according to marketing materials.
With the debt in default, a new owner could seek to foreclose on, and sell the residential community on Good Hope Road. The apartment community was more than 90 percent occupied as of April 27, with an average monthly rental rate per unit of $1,163.
Representatives from CBRE declined to comment on the sale process. The brokerage has posted a brochure of the debt sale on its website.
The residential community, which includes high-rise and garden-style apartments, made headline news in 2005 when a woman and her child where killed in a laundry room explosion that sparked a much larger debate between the property?s tenants? and building manager. The tenants there went on strike in a move that lasted two years and led to the owners bringing on a new management company under a deal brokered by the D.C. attorney general?s office.
Daniel J. Sernovitz covers commercial real estate.
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