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Apartment Stock Poised to Rise in 2014
Apartment performance in the Greater Washington, D.C. area could lag this year, as the booming construction hits right at a time when the metro’s job market is cooling down.
Will Washington D.C. Apartment Performance Lag in 2014?
The construction boom hits right at a time when the metro’s job market is cooling down. Marcus & Millichap Real Estate Investment Services anticipates that the region’s apartment stock will rise 3.4 percent in 2014. This will result in vacancy levels not seen since 2009. Apartment completions approached record levels last year, as developers delivered around 10,000 units in the region, increasing apartment stock by 1.9 percent. Marcus & Millichap expects builders to surpass this number in 2014, and deliver an impressive 18,000 units.
Wood Partners Starts Work on $60M Apartment Project in Germantown
A new apartment community is coming to Germantown, one of the fastest-growing jurisdictions in Maryland. Wood Partners, a national real estate company, has recently broken ground on Alta Liberty Mill, a LEED-certified midrise complex located just across from the Germantown MARC commuter rail station.
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