X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SILVER SRPING, MD-CBRE has brokered the sale of two apartment complexes in Montgomery County in recent weeks–a pause in the deal drought that has characterized multifamily here. One, which has not been announced, is the 192-unit Aspen Crossing, for $20.8 million.

The other is Halpine Hamlet, a 67-unit apartment complex in Rockville, MD that traded for $5.9 million at a sub 5 cap on trailing numbers, according to CBRE’s Michael Rudolph. Rudolph along with colleagues Bill Roohan, Mike Muldowney, Andy Boyer and Brian Margerum brokered the Halpine Hamlet transaction.

Halpine Hamlet is a 67-unit garden apartment complex owned by the Slavine family. It received ten plus offers, according to Rudolph; eventually the owners chose the Montgomery Housing Partnership, a non-profit because they wanted the property to remain affordable. Montgomery Housing Partnership plans to invest more than $5 million for upgrades, including new systems for the building, which is located at 5503 Halpine Place.

These transactions are the first in Montgomery County in several weeks, Rudolph says. He is not predicting a wide thaw for the rest of the year for multifamily sales; however there is a clear indication that more deals are likely to follow. Besides the Alpine Crossings transaction, Rudolph says the CBRE is in the process of marketing a few other deals.

Another recent transaction occurred earlier this summer when an eight-asset multifamily portfolio closed in Montgomery and Prince George’s County, with the first property trading for $2.35 million and an 8% cap rate. The total value of the portfolio is between $9 million to $10 million. Vanguard Realty Group and Marcus & Millichap brokered that deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.