Mid-Atlantic
Richmond Multifamily Report – Spring 2019
The metro’s apartment market remained unfazed by last year’s modest employment gains and rents were up 3.4 percent year-over-year as of March, above the national average.
EJF Capital Backs $95M DC Development
The alternative investment manager has teamed up with Donatelli Development and Blue Skye Development on the 262-unit multifamily community within an Opportunity Zone.
Virginia Community Lands $30M Grant
The federal funds will go toward redeveloping the 256-unit Ridley Place public housing and the surrounding neighborhood. Pennrose is the master developer of the project.
MD Project Lands $75M Construction Loan
Calvin Cafritz Enterprises obtained the financing to develop the Residences at Riverdale Park Station, a 229-unit property within a larger mixed-use community in Riverdale Park, outside of Washington, D.C.
JV Closes on $228M Community Near Amazon HQ2
Polinger Development Co. and a partner have acquired Meridian at Pentagon City, a 534-unit property in Arlington, Va.
Silverstone Breaks Ground on $75M NoVa Senior Community
The company will bring 124 assisted living and 30 memory care units to Metro West, a mixed-use, transit-oriented development in Fairfax County.
DC Development Gets $192M in Financing
A joint venture of MRP Realty and FRP Development Corp. is building Bryant Street, a 1,500-unit, mixed-use property in the northeast area of the city.
Washington, DC, Multifamily Report – Spring 2019
Despite a boost in development, absorption has kept up pace and the occupancy rate in stabilized properties inched up 20 basis points year-over-year, to 95.3 percent.
Equity Residential Buys DC-Area Apartment Community
HFF marketed the property in Rockville, Md., on behalf of the seller, a partnership of Hanover Co. and Berkshire Residential Investments.
Berkadia Closes 2 Deals Totaling $100M
The brokerage originated a $31.7 million construction loan through HUD for a 232-unit community in Florida and sold a 414-residence townhome property for $68.9 million in Virginia.