Mid-Atlantic
DC Community Trades for $10M
Greysteel brokered the sale of Cascade Park Apartments on behalf of NOVO Properties, located within minutes of the Capitol Riverfront. According to Yardi Matrix data, occupancy is currently at 94 percent.
Bell Partners Acquires Annapolis Asset
The company purchased the now rebranded Bell Annapolis on West, a 300-unit community. Including this property, Bell Partners has completed $645 million in multifamily acquisitions in 2017.
Fairfield Residential Secures $51M for MD Apartments
The seven-year, fixed-rate Fannie Mae loan for the 386-unit Rock Spring has three years of interest-only payments and five years of yield maintenance with a 1 percent prepayment penalty afterward.
McDowell Acquires DC-Area Apartment Community
CBRE brokered the sale of Carmel Alexandria, a Class A apartment community in Alexandria, Va. The property is situated near interstates 395 and 495, with downtown Washington, D.C. only 10 minutes away.
Passco Makes 2nd DC Purchase for $113M
The 360-unit luxury community in Alexandria, Va., is strategically located at the Huntington Metro Station and had a 92 percent occupancy rate at the time of the transaction.
ROSS Appoints New Associate VP of Operations
Tony Perichino will join the team overseeing third-party assignments and development initiatives in the metro D.C. and Baltimore markets.
Strong Fundamentals Fuel Heavy Development in DC
Young professionals, drawn by the metro’s well-paying jobs, are pushing up demand for upscale communities in transit-oriented and live-work-play areas. However, a robust construction pipeline—the third largest in the country—is maintaining a modest rent increase, raising concerns of overbuilding.
FCP Buys 2 DC-Area Communities for $44M
The company acquired Holly Spring Meadows and The Woods at Addison in a joint venture with Urban Atlantic. The affordable communities total 449 units.
JV to Develop 236-Unit DC Community
Fort Lincoln New Town Corp., The Concordia Group and Buvermo Investments plan a Class A project that will include 36 affordable units.
DC-Area Senior Project Features Hotel Touches
Thrive Senior Living’s new development in Woodbridge, Va., offers bright, contemporary interiors designed by studioSIX5.