WASHINGTON, DC-Another day, another multifamily trade in the District. This time, Campbell Heights Apartments, located at 2001 15th St., has traded to Jair Lynch Development Partners and the building’s tenant association, Campbell Heights Residents Association. Jon Goldstein, Phil Mudd and Christian Miles of Cassidy Turley secured the bridge financing of $15.5 million on behalf of a partnership. A source tells GlobeSt.com that the building was contracted to sell for $20.5 million. 

The buyers arranged the bridge financing because the deal had to close quickly, Mudd tells GlobeSt.com. They are working on permanent financing now. For Cassidy Turley, the deal is notable because it is the first transaction on which they have worked for Jair Lynch, Mudd says. "We are very pleased to be associated with the company.” 

For the market it also represents what has become DC’s rave success story: multifamily trades. This particular transaction had an affordable housing component plus the additional complexity of the tenants’ association’s involvement, yet the 171 age-restricted senior rental apartment building still closed at a strong price. "DC is consistently closing new transactions in the multifamily space--even smaller deals," says Ari Firoozabadi, vice president and director of Marcus & Millichap’s National Multi-Housing Group in the District.

Campbell Heights is over 100 units, which means it will likely stay an apartment project, he says. Smaller buildings, by contrast, are being picked up and acquired with an eye towards condo conversion--another indicator of DC’s multifamily market strength.