There was very strong interest in the property, according toShinberg, who gave 40 tours and ultimately fielded 30 offers forthe stabilized property. "We had a wide range of interest fromREITs, to advisors, to life companies and a multitude of privatebuyers," he tells GlobeSt.com.
CBRE Investors and its all cash offer was ultimately chosenbecause it was the best overall package, he says. "It was thetotality of their offer than won the deal--a combination ofpricing, the ability to close quickly, their credit-ability interms of being able to do a deal."
Multifamily in the DC area made a strong comeback in the lastquarter of 2009--a trend that shows little sign of abating so farin 2010."It is an asset class that is attractive on many frontsnow--we have among the best job growth in the country. There isalso an enormous amount of investment interest in the city as manyjurisdictions are difficult to get entitled," Shinberg says.
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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.
