There is precious little other development under wayhere--either officially or in the negotiation stage--despite the DCarea's relative strength. It is no surprise, of course, that themultifamily space is the first category to be targeted fordevelopment now. Sales of multifamily properties have been tradedfuriously; at the same time the DC area is nearing a supply shortage forcondos, according to McWilliams|Ballard's 2009 Washington MetroArea Condominium Market Overview. Another sign that development iscomingback: AvalonBay has publicly committed to a developmentstrategy in anticipation of the unmet demand in two years.

The bulk of Milam's work now, though, is on multifamily sales.He reports ten deals under contract. "DC is on fire," he says.

A recent trade he brokered was the New Amsterdam, a75,375-square foot multifamily and retail property located at 270114th St. It sold for$11.7 million, or $156 per square foot, or$130,556 per unit.