WASHINGTON, DC—Two apartments have traded in separate transactions in recent days, illustrating the still-strong demand for these assets. The Woodley, located at 2700 Woodley Rd., sold to TIAA-CREF from a joint venture between JBG and CIM Group. In a second separate trade Urban Investment Partners sold Policy, a 63-unit building located at 1921 Kalorama Rd. Prices for both transactions were undisclosed.
The Woodley trade is interesting in that it is the second acquisition TIAA-CREF has made in the DC area in recent days; last week it paid approximately $98 million for the Plaza America Shopping Center in Reston, VA.
Other than that, though, these deals are part of the larger DC multifamily story, typified by strong demand and solid absorption despite the growing supply. Delta Associates projects a more competitive landscape in 2015 in a report analyzing Q1 trades and project as some 26,400 units deliver to the market over the next 24 months.
For 2013, there was some $1.63 billion of multifamily Class A building sales, Delta said, with average per unit price 17.2% higher than year-end 2012 for low-rise units at $235,000. High-rise prices were up 8.4% from year-end 2012 at $426,000.
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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.
