CBRE's Washington, DC 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 permanent financing for the buyer through Fannie Mae.
Built in 1967, the two properties received a $4.8-million renovation in 2007. The acquisition price was below replacement cost, according Matt Birenbaum, president of Abbey Road Property Group. The transactions also mark the company's strategic shift from development to acquisitions, he says in a prepared statement. It "is the first of what we plan will be a number of similar transactions as we put together our Washington area portfolio of multifamily assets."
Multifamily transactions have exploded in the DC area and CBRE is brokering more than its fair share of these deals. Currently the company has approximately $500 million under contract and has sold close to $200 million to date, Margerum tells GlobeSt.com.
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