The other is Halpine Hamlet, a 67-unit apartment complex in Rockville, MD that traded for $5.9 million at a sub 5 cap on trailing numbers, according to CBRE's Michael Rudolph. Rudolph along with colleagues Bill Roohan, Mike Muldowney, Andy Boyer and Brian Margerum brokered the Halpine Hamlet transaction.
Halpine Hamlet is a 67-unit garden apartment complex owned by the Slavine family. It received ten plus offers, according to Rudolph; eventually the owners chose the Montgomery Housing Partnership, a non-profit because they wanted the property to remain affordable. Montgomery Housing Partnership plans to invest more than $5 million for upgrades, including new systems for the building, which is located at 5503 Halpine Place.
These transactions are the first in Montgomery County in several weeks, Rudolph says. He is not predicting a wide thaw for the rest of the year for multifamily sales; however there is a clear indication that more deals are likely to follow. Besides the Alpine Crossings transaction, Rudolph says the CBRE is in the process of marketing a few other deals.
Another recent transaction occurred earlier this summer when an eight-asset multifamily portfolio closed in Montgomery and Prince George's County, with the first property trading for $2.35 million and an 8% cap rate. The total value of the portfolio is between $9 million to $10 million. Vanguard Realty Group and Marcus & Millichap brokered that deal.
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