CBRE's Washington DC Multi-Housing Group of Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Brian Margerum brokered both sales on behalf of the seller Principal Financial Group.
The CBRE Capital Markets Mid-Atlantic Debt & Equity Finance Group of Maury Zanoff, Joe Donato and Matthew Williams arranged for the permanent financing for Colonial Court Apartments, Inc.
Financing was provided, not surprisingly, by GSEs Fannie Mae and Freddie Mac, Roohan tells GlobeSt.com. Fannie Mae provided the financing for the Culpeper Farms-Oaks trade; Freddie Mac stepped into support Sundance Way, he says.
Richmond, like the DC area, has seen an uptick in multifamily sales in the latter part of the year--although not to the same degree as DC has, Roohan says. Of course, uptick is a relative term, he points out. "Both DC and Richmond are significantly off from where we were in '06 and '07. At the end of the year, we will find that the Mid-Atlantic will have done between 20% to 25% of '06's and '07's volume," Roohan says.
That said, there are pockets of activity where multifamily is performing very well. In Richmond it is the city's West End submarket, which according to CBRE is "thriving."
Built in 1989, Culpeper Farms is a 228-unit garden apartment complex in 12, two- and three-story buildings. The Oaks at Gayton is a 220-unit garden apartment community built in 1987 that is located just off West Broad St., minutes from major retail destinations such as the Short Pump Town Center.
Sundance Station, built in 1983 is a 300-unit apartment community that is also located just off West Broad St. near the Short Pump Town Center and Westland Shopping Center.
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