WASHINGTON, DC-Investment sales are still going strong, with the New Amsterdam trading at a 5 cap rate.
By Erika Morphy|March 15, 2010 at 10:49 AM
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WASHINGTON, DC-The red hot investment sales activity in the DC area has morphed into the beginnings of development activity. Marcus & Millichap’s Stacey Milam, a first vice president investments and director of the firm’s National Multi Housing Group in Washington, DC, tells GlobeSt.com he is currently negotiating a few development deals for multifamily and condos that are in the hundreds of thousands of square feet range. Financing has been secured, he says. “What we are doing now is structuring the deals.”
There is precious little other development under way here–either officially or in the negotiation stage–despite the DC area’s relative strength. It is no surprise, of course, that the multifamily space is the first category to be targeted for development now. Sales of multifamily properties have been traded furiously; at the same time the DC area is nearing a supply shortage for condos, according to McWilliams
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