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

|

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

|

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

|

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

|

Sigmon’s addition will position Transwestern to push into valueadd opportunities, which are heating up in the DC area--arguablythe best multifamily market in the nation. Transwestern will bebringing 1,000 value-add units from multiple sellers in suburbanMaryland and Virginia to market in the coming weeks. “Caprates have drastically reduced in the past year for this producttype,” Sigmon tells GlobeSt.com. They are now in the low- to mid-6%range.” Accelerated job growth and the return of low, long-terminterest rates are driving the appetite for value add here, hecontinues. “We are also seeing a strengthening of fundamentals.Concessions are burning off, rents have increased.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.