Transwestern's Bethesda, MD-based Institutional Multifamily Group's managing principals, Al Cissel and Scott Melnick, represented the seller in the transaction. They declined to confirm the sales price, but tell GlobeSt.com that, in general, they have been closing a large number of multifamily transactions in the region. "There is definitely life in this market," Melnick tells GlobeSt.com.
[IMGCAP(2)]Located at 9230 Springhill Dr., the apartment community was built in the late 1960s and requires renovations. Empire Holdings, which will also operate the community, will renovate the units, and build a clubhouse and fitness center. Its occupancy is in the high 90s right now. No GSE money was used in the transaction, Cissel says. "The buyer funded the purchase with bank debt and its own equity."
[IMGCAP(3)]This sale is likely the largest Transwestern's multifamily group has closed in the past 60 days--but it is hardly the only one. According to the duo, the group has closed more than $800 million over the last two months. Year to date, they say, the group has closed a little over $2 billion in multifamily sales. DC is performing differently—i.e. better--than markets on say, the West Coast right now, Melnick says. "In California there are buyers but no sellers. Here we have a robust market still."
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