Multifamily sales activity is surging in Washington, D.C. A report from CBRE finds that volume hit $646.1 million in the second quarter, up a whopping 950 percent from the first quarter's $61.6 million.
No purchase in the quarter was larger than PSP Investments' $265.96 million acquisition of 148-unit Incanto. The company also cracked the top three during the three months for its $104.5 million purchase of 255-unit The Tides. JRK Property Holdings had another large purchase in the market, with its $186 million buy of West End 25, featuring 283 units.
As for the rest of the fundamentals, just about everything improved marginally. But surely, Washington D.C. multifamily landlords will take it.
For example, rents averaged one percent growth quarter-over-quarter to $2,262. Occupancy rose by 40 basis points to 96.2 percent. Vacancy averaged the lowest levels in the Manassas/Far Southwest Suburbs submarket, at 2.1 percent.
Net absorption hit 6,380 units, representing a more than 2,000-unit improvement from the first quarter. Southeast DC led all submarkets in positive demand, with almost 1,200 units.
Additionally, deliveries slowed down, going from 4,675 units to 4,006. In the second quarter, Southeast DC saw the highest concentration of units, with 762.
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