X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-After a dearth of activity, multifamily sales in the DC area are rapidly mounting, with at least close to $200 million in transactions having closed in the last several weeks, according to sources -– and other several million more in the pipeline.

Most of the deals have been unannounced – and thus far, unrecorded. Transwestern’s Scott Melnick tells GlobeSt.com that he and colleague Al Cissel have closed some $75 million – across four separate transactions – over the last several weeks; three of these were in the DC suburbs and one in North Carolina. Furthermore they have several other deals under contract. “There is a lot more intensity from buyers now, than at the beginning of the year,” Melnick says.

“Over the last 30 days a tremendous amount of deals have come about,” Drew White, senior director at Cushman & Wakefield’s Capital Markets Group, tells GlobeSt.com. “We are also seeing heavy offer numbers – 20, 30 offers per deal.” Cushman & Wakefield, for its part, has about $100 million in transactions it hopes to close soon, White says.

At least one of the deals that has closed recently – in the neighborhood of $100 million – has been pending for more than a year, according to Grant Montgomery, vice president – Director of Apartment Practice for Delta Associates. There was another large deal as well that closed, he adds – both of these transactions were in Northern Virginia.

Montgomery is cautious in his projections that multifamily sales will continue along this track. “There is more pre sale activity now, especially when you compare to where we have been recently,” he tells GlobeSt.com. “So I would say there will be an uptick in sales activity over the next 12 months — but I wouldn’t venture to predict the volume – there are still too many variables out there.”

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.