The CBRE Washington, DC Multi-Housing Investment PropertiesGroupof Bill Roohan, Andy Boyer, Mike Muldowney, JonathanGreenberg,Michael Rudolph, John Sheridan and Brian Margerumbrokered thetransaction. Maury Zanoff, Joe Donato and MatthewWilliams of CBRE'sCapital Markets Mid-Atlantic Debt and EquityFinance Group arranged thefinancing.

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The deal was originally forged in June 2009 but it had to gothroughtenants' rights, which took longer than expected as a few ofthetenants opted to exercise their rights, Roohan tellsGlobeSt.com. Thedeal finally closed earlier this month.

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Mass Court's acquisition is one of several in recent monthshere--sales that have been fueled by the relatively strong DC areamarketand by a steady decline in cap rates for such product. Caprates havedropped by 100 to 150 basis points, Boyer tellsGlobeSt.com. At onepoint, multifamily was trading at a high of a 7cap, but on morerecent deals cap rates are hovering around 5 basedon trailingnumbers, he says.

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CBRE has several other deals under contract, Roohan adds. "Fortheclass A asset classe we typically are giving 50 to 60 toursandreceive about 40 offers."

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