WASHINGTON, DC—The CBRE Baltimore/Washington Multifamily team reports it closed approximately $1.4 billion in transactions for Q2.

That is slightly less than what it closed in the first quarter, SVP Robert C. Meehling tells GlobeSt.com. Year to date, though, sales are ahead of the same time period in 2014, he says.

"The pipeline indicates that this year we will sell more projects and have a higher dollar volume than last year," he adds. The group does report, though, the rate of growth of multifamily assets in DC shows signs of slowing. However, it continued, growth itself remains—and is projected to remain—strongly positive.

What One Deal Says

The group did not include its most recent sale of Rhode Island Gardens Apartments in its Q2 numbers, but the trade was illustrative of what is driving transactions in this asset class.

The six-story 81-unit property, located at 230 Rhode Island Ave., NE, traded for $7.6 million to Urban Investment Partners from Roydun Corp.

Meehling, Brian Margerum, William Roohan, Michael Muldowney, Michael Rudolph, and Martha Hastings represented the seller.

The building, which was built in 1931, fits in with the general trend of multifamily investors targeting areas around universities "or other enclaves that attract a disproportionately high volume of new residents," Meehling says.

"This is evident by the diversity and depth of the capital looking to allocate into multifamily."

Rhode Island Gardens Apartments hits these notes. It is half a mile from the Rhode Island Metro Station -- and two metro stops away from Union Station.

It is also close to Catholic University and Howard University.