Bethesda, Md.—It has been a busy summer so far for Transwestern’s Mid-Atlantic Multifamily Group. Led by co-directors Dean Sigmon and Robin Williams, the group brokered four sales transactions in June and July consisting of six apartment communities. The sale of these properties totaled more than $185 million, and brings the year-to-date sales volume to more than $350 million with more than 4,000 units sold.
“The Washington, D.C., and suburban Maryland multifamily marketplace continues to see significant and growing investor interest in value-add investment opportunities to include both single-asset and portfolio transactions,” Sigmon says. “We are glad to have built a solid reputation as the ‘go-to’ firm for value-add dispositions.”
The properties sold were:
- Forest Hills, 153 units
- Lighthouse at Twin Lakes, 700 units
- Shelter Cove, 300 units
- Carroll Park, 157 units (part of the Middle River Portfolio)
- Essex Park, 229 units (part of the Middle River Portfolio)
- Morningside Park, 128 units (part of the Middle River Portfolio)
According to Delta Associates’ Mid-Year Class B Apartment Report, suburban Maryland garden apartment rents reported an effective rent increase of 2.1 percent in the 12 months ending June 2014, while Class A rents throughout the Washington region remained flat due to increased supply.
Hampshire, CrownPoint land construction loan for N.J. development
Harrison, N.J.—A 104-unit apartment community known as the Cookie Factory will rise in Harrison, N.J., thanks to a $16.9 million construction loan arranged by NorthMarq Capital. Borrower Bergen Street Urban Renewal (a joint venture between Hampshire Cos. and CrownPoint Group) is the borrower. First Niagara Bank provided the loan.
“There was a lot of demand for this deal and First Niagara Bank structured a competitive loan to win the business,” says Gary Cohen, senior vice president/senior director of NorthMarq Capital’s New Jersey regional office.
The project will consist of two four-story buildings that are connected by a common clubhouse. There will be a mix of studio, one-bedroom and two-bedroom units with an average monthly rent of approximately $1,900.