Ed Murn
WASHINGTON, DC—Last week's $461 million acquisition of a value-add multifamilyportfolio by WashREIT highlighted a trend that the REIT has noticedin the Washington, DC area: a growing affordability gap for housingnot just at the lower end of the income spectrum but also amongaging Millennials that are pulling down middle class salaries.
The portfolio acquisition executed on this cohort, with anemphasis on the suburbs, according to Ed Murn, managing director,Development and Multifamily Division for WashREIT. “Millennials arebeginning to age with the oldest set 38 years old,” he tellsGlobeSt.com. “They are setting up new households and startingfamilies.” For those reasons the suburbs have become moreattractive to them compared with urban infill locations, headds.
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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.
