VIENNA, VA-Metropolitan Development has put on the market a1,000-unit multifamily portfolio stretched out across threeseparate regions: Apex, NC; Camp Springs, MD; and New Haven, CT.The locally based firm has tapped Jones Lang LaSalle’s Washington,DC-based Multifamily Group, which consists of Al Cissel, ScottMelnick, Peter Nicoletti, Todd Weinstein, Jorge Rosa and JeanSamayoa, to market the class A offerings.

The buildings could be sold individually or as a portfolio forat least $170 million. On a blended basis, the portfolio willlikely trade at a 6% to 6.25% cap rate, Cissel tellsGlobeSt.com.

It is rare that class A multifamily assets come to market,Cissel says--particularly in a portfolio of this size. These arethree different markets with three separate sets of dynamics, headds, but for the most part, owners are holding onto their class Aapartment buildings. At the same time, the asset class’fundamentals are robust--more people are moving into apartments asthe economy improves, while supply is still scarce. "Performance inall three markets is getting better each month and we think thereis a good upside,” Cissel continues.