WASHINGTON, DC-Another day, another multifamily trade in theDistrict. This time, Campbell Heights Apartments, located at 200115th St., has traded to Jair Lynch Development Partners and thebuilding’s tenant association, Campbell Heights ResidentsAssociation. Jon Goldstein, Phil Mudd and Christian Miles ofCassidy Turley secured the bridge financing of $15.5 million onbehalf of a partnership. A source tells GlobeSt.com that thebuilding was contracted to sell for $20.5 million.

The buyers arranged the bridge financing because the deal had toclose quickly, Mudd tells GlobeSt.com. They are working onpermanent financing now. For Cassidy Turley, the deal is notablebecause it is the first transaction on which they have worked forJair Lynch, Mudd says. "We are very pleased to be associated withthe company.”

For the market it also represents what has become DC’s ravesuccess story: multifamily trades. This particular transaction hadan affordable housing component plus the additional complexity ofthe tenants’ association’s involvement, yet the 171 age-restrictedsenior rental apartment building still closed at a strong price."DC is consistently closing new transactions in the multifamilyspace--even smaller deals," says Ari Firoozabadi, vice presidentand director of Marcus & Millichap’s National Multi-HousingGroup in the District.