WASHINGTON, DC-Jones Lang LaSalle's Managing Directors Al Cissel and Scott Melnick see a lot of action on the multifamily front in the DC area: they have, for example, closed in excess of $700 million of multifamily deals in the past 45 days, Cissel tells GlobeSt.com. What is interesting, he adds, is that international equity has been playing a strong role in the area lately. "More than 50% of the recent and current transactions have had international equity involved," he says.
To date, the JLL team has closed on Woodvale Apartments in Silver Spring; Avalon at Decoverly, in Gaithersburg; Crystal Towers in Arlington, VA; and Falkland Apartments, also in Silver Spring, for a totl of 2,302 units.
"We are seeing increased demand for multifamily in the Washington DC Metro region fueled in part by the confidence in the market fundamentals," Cissel says. Also, he adds, Shawn McDonald, who heads JLL Mid-Atlantic Multifamily finance, has been involved with a large percentage of these transactions and is currently involved with over $400 million of financing.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
