(To read more on the multifamily market, click here.)
GREENBELT, MD-The Bozzuto Group has acquired a class Bmultifamily property in Ft. Washington for $16.4 million. CalledRiver Pointe, Bozzuto bought the nine-acre, 170-unit complex fromBoone Properties.
CBRE's Bill Roohan and Mike Muldowney brokered the deal,representing the Bozzuto Group. Financing was arranged through IXISReal Estate Capital by CBRE/Melody's Maury Zanoff and JosephDonato. The cap rate was a little more than 6.5% on 2006 and almost7% first year pre forma, according to Ryan Ogden, senior vicepresident and director. Ogden headed the acquisition team.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
