The seller was Rimsi Corp., based in Bethesda. Rimsi wasrepresented by Coldwell Banker Commercial Ideal Realty Group.
[IMGCAP(2)]FCP is planning a $14-million rehab of theproperties, which are located at 6311 Pennsylvania Ave. Theupgrades, which are scheduled to start immediately, will includeimproving all of the common areas and upgrading the systems andfinishes. Park Berkshire Apartments was developed in two phasesduring the 1960s. The seller acquired the property in the1980s.
The credit crunch has had the expected affect on this slice ofthe commercial real estate market. Lacy I. Rice, FCP partner tellsGlobeSt.com that "the financing market is getting more difficultand the impact on pricing has yet to be seen. Many of the highleveraged buyers that were often most aggressive in '06 and '07 areno longer as active.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
