BETHESDA, MD-Multifamily assets continue to attract investor interest in the DC area. The latest transactions include the trade of the Chase at Bethesda Metro, the sale of Montpelier Crossing in Laurel, MD and the ground-breaking of a $72 million mixed use community at Fells Point, which will include a residential component.

The Chase at Bethesda Metro is a 122-unit luxury highrise in the downtown Bethesda area. Equity Residential purchased the building from a venture between Rockwood Capital and ROSS Development & Investment. Transwestern represented Equity in the deal.

In Laurel, New Boston Fund sold the 386-unit Montpelier Crossing to Federal Capital Partners. Located at 9689 Muirkirk Rd., the 358,690-square-foot apartment and townhome complex is 93% occupied. CBRE represented both New Boston and Federal Capital Partners in the transaction.

At Baltimore’s historic Fells Point, the Bozzuto Group broke ground on Union Wharf, a mixed-use waterfront community that will include 281 upscale apartment homes, as well as 4,500 square feet of retail.

None of this activity is surprising: fundamentals in the Washington area apartment asset class are quite strong with Delta Associates calling it the best performing in the nation. Stabilized vacancy for investment grade apartments in the Washington region is 2.8%, compared to 5.8% nationally.

Strong fundamentals also mean it is an ideal time for sellers to divest assets, as New Boston Fund has. “Montpelier Crossing is a tremendous asset with high occupancy levels and a central location,” noted Patrick Shooltz, SVP and regional director in a prepared statement. “The timing of this sale was perfectly aligned with our goal to strategically sell assets while continuing to provide the highest possible risk-adjusted returns to our investors.”