HFF's Dave Nachison and Alan Davis represented Gables Residential inthe deal. Like most multifamily transactions these days, the propertygenerated a great deal of interest, Davis tells GlobeSt.com. "Wereceived 23 offers from a wide array of companies including pensionfunds and REITs." Davis says HFF has an active pipeline of pendingdeals. Also, Nachison tells GlobeSt.com, HFF just began marketinganother property--Riverside Station, a 304-unit luxury multifamilyin Woodbridge, VA.
AvalonBay is in buy mode at the moment, according to an interview CEOBryce Blair gave Bloomberg earlier this month. In the DC area inparticular, demand for multifamily and condos are expected toovershoot supply, which has remained stagnant for the last two years.AvalonBay has identified this forthcoming supply-demand mismatch here, and in other markets, and is gearing up to invest. The company has $300 million in cash and a $1 billion credit line, according to Bloomberg.
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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.
