The transaction started out as a land deal, Rich Samit, CEO of FraserForbes tells GlobeSt.com--which is how the land broker came torepresent Equity Residential. "We had been working with them for sometime on this transaction as it was originally a land deal." The220-unit apartment house, called Vista at Courthouse, tradedoff-market. The first units delivered last year. Not yet fully stabilized, theapartment traded when it was about 50% leased, Samit says.
After a lull of a several weeks, multifamily activity in the DC areahas moved back into full swing. Within the last few weeks, AvalonBayacquired a 204-unit multifamily housing project in Montgomery Village,MD for $31.25 million, CB Richard Ellis Investors acquired a 371-unitluxury apartment building in the District's East End for $100.5million and Cleveland-based Forest City Enterprises and BernsteinManagement formed a JV in which Bernstein will acquire a 50% stake ina three-asset multifamily portfolio in the greater DC area for $250million.
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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.
