Although there are exceptions, most deals that close these days tend to have difficulty breaching the $20 million mark, Mendelson says.
Separately, another transaction that recently closed is the $20.8-million trade of 192-unit Aspen Crossing Apartments at 14120 Grand Pre Rd. in Silver Spring. Mid-City Financial Corp. of Silver Spring purchased the property. Brokered by CBRE this deal follows the Halpine Hamlet, a 67-unit apartment complex in Rockville, MD, that traded for $5.9 million at a sub-5 cap on trailing numbers.
CBRE's Multi-Housing team of Bill Roohan, Mike Muldowney, Andy Boyer, Michael Rudolph and Brian Margerum brokered the sale. The CB Richard Ellis Capital Markets Mid-Atlantic Debt & Equity Group, led by Maury Zanoff and Joe Donato, arranged for the permanent financing for the buyer.
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