Stacey Milam

Stacey Milam — who has closed more than 180 multifamily transactions at Marcus & Millichap — says his background in fashion design allows him to see what makes a property unique.

“No two deals were formed the same, no two seconds in the universe are the same, so it’s really interesting how we can get myopic and look at a deal only in one way,” Milam said. “Design really taught me something different: Always see something that’s not there.”

And 2020 has certainly forced brokers and people in all industries to think creatively about their businesses. Milman said high vacancy rates in the district, as well as rent and eviction moratoriums, have made the D.C. market turbulent.

“Obviously, the housing market has been on fire and apartments have suffered a great deal,” Milam said. “We’ve been fortunate that we are still closing deals … It’s been the slowest year that I’ve seen since 1999.”

Milam started at Marcus & Millichap that year, and he has since closed on 4,000 units, totaling more than $1 billion in multifamily sales and $350 million in other commercial sales. In 2020, Milam’s deals were just above $12.5 million.

His 2020 deals included the sale of 15 units at 1900 16th Street SE for $1.75 million to WC Investments, 2442 MLK Avenue SE for $4.5 million to MRP Realty, and 11 units at 245 Eighth Street NE for $4.25 million to Ehsan Naranji.

Looking forward, Milman said he expects the economy to shift from five-day workweeks and does not expect the office sector to rebound quickly.

“The vacancy will drop and occupancy will increase, and people [will be] back in the city once we get back to normal,” Milam said. “But, people going to the office five days a week, I don’t see that happening … And development is not going to slow down here in D.C., so it’s going to be interesting to see.”