Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON, DC-There are hundreds of millions of dollars worth of multifamily investment sales closing in the DC area, according to reports from various brokers.

Now at least one broker is reporting a similar–albeit still nascent–trend for multifamily development. Christopher J. Doerr, Grubb & Ellis’ Vice President of Multifamily Investments, tells GlobeSt.com that he has three multifamily development deals nearing the contract stage in the DC area. In large part, these deals are being supported by the availability of HUD financing: the agency’s.

The 221D4 loan program provides non-recourse financing of up to 90% of construction costs at a good rate, making it “just about the only game in town for these types of deals,” Doerr says. The deals also are a positive sign for the area, Doerr believes. “[There] are only three, and the contracts haven’t been signed yet, but I think it bodes well for future activity. We haven’t seen any multifamily new development for some time now.”

The three are a mixed use project in Arlington that consists of a supermarket and 160 apartment units. JPI had this particular project under contract a few years ago but eventually had to step away from it, Doerr said. Another project is at the Capitol Heights metro station that will deliver 183 units. The third is at the Naylor Road metro stop on the Green Line, for 280 units.

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?


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

Get More Information


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.