WASHINGTON, DC-Transwestern has tapped Dean Sigmon, previously with Ideal Realty, to join its expanding multifamily platform. Sigmon, who has carved out a niche in the DC area market in multifamily value add, will be guiding Transwestern’s expansion into this piece of the market. He joins Robin Williams, SVP and director at Transwestern’s multifamily group and Tom Gretz, an associate who was recently hired as well.

Transwestern has been building out its multifamily platform for the better part of the year – albeit with a few bumps along the way: Most notably it lost two of its top multifamily producers this Spring, Al Cissel and Scott Melnick, when they moved to Jones Lang LaSalle. 

However the firm has expanded its presence in such markets as Houston with the addition of three industry executives there this summer. Other hires for the DC area team are likely, Williams tells GlobeSt.com. The company is currently speaking with one other person at the moment. “There could be one to two additional folks that may join the platform,” he says.

Transwestern is also forging a closer working relationship with its wholly-owned subsidiary Delta Associates as part of its platform expansion, he also says.

Sigmon’s addition will position Transwestern to push into value add opportunities, which are heating up in the DC area--arguably the best multifamily market in the nation. Transwestern will be bringing 1,000 value-add units from multiple sellers in suburban Maryland and Virginia to market in the coming weeks.  “Cap rates have drastically reduced in the past year for this product type,” Sigmon tells GlobeSt.com. They are now in the low- to mid-6% range.” Accelerated job growth and the return of low, long-term interest rates are driving the appetite for value add here, he continues. “We are also seeing a strengthening of fundamentals. Concessions are burning off, rents have increased.”