Mid-Atlantic
Top 10 Largest DC Communities Under Development
The city’s multifamily market is experiencing strong fundamentals, including robust employment, healthy population gains and record-breaking rental rates, per-unit prices and median home values.
Bell Partners Snags 308 Units
Stonebridge Terrace, which will be renamed Bell Stonebridge, is a two-year-old community located within Stonebridge at Potomac Town Center, a half-million-square-foot lifestyle hub.
Pillar Provides Freddie Mac Loan for Richmond Community
The company originated a $10.4 million, 7-year loan for the acquisition of a 348-unit community located in the Bellwood. The asset has an occupancy rate of 97.4 percent.
Equus Sells $100M Communities in Virginia
Chandler Management purchased two residential properties totaling 676 units in Fredericksburg, Va. The seller, Equus, purchased both assets in 2012 for a total of $74.3 million.
Lowe JV Buys 304-Unit B’more Community
The high-end Jefferson Square at Washington Hill includes 20,000 square feet of street-level retail and was completed in 2015. The seller will continue to manage the property.
ROSS Appointed Manager of DC-Area Apartments
The company will oversee renovations to the apartments, additional improvements and upgrades. Admiral Place marks ROSS’s fourth management assignment for the community’s new owner.
$43M DC Affordable Community to Open Next Spring
Portner Flats will bring 96 affordable units to the popular U Street Corridor in Northwest, D.C. The project is a public-private partnership between the District, Somerset Development, Jonathan Rose Cos., New Community Partners and other entities.
J Street Lands Dupont Circle Site for Condo Project
The developer plans to build The Pacifica, a nine-unit luxury community in Washington, D.C. In partnership with the Dupont Circle Citizens’ Association, the company is offering the historic buildings currently on the site for free.
Baltimore Community Lands $73M HUD Construction Loan
The 317-unit Berkleigh in Middle River is part of Baltimore Crossroads @ 95, a large-scale project that will encompass office space, retail, two hotels, 1,000 homes and two multifamily properties.
Overbuilding in Richmond?
Following several years of strong supply, the area’s multifamily market is shifting down a gear. With almost 20,000 units in the pipeline, the metro is at risk of overbuilding.