WASHINGTON, DC—Two apartments have traded in separatetransactions in recent days, illustrating the still-strong demandfor these assets. The Woodley, located at 2700Woodley Rd., sold to TIAA-CREF from a jointventure between JBG and CIMGroup. In a second separate trade Urban InvestmentPartners sold Policy, a 63-unit buildinglocated at 1921 Kalorama Rd. Prices for both transactions wereundisclosed.
The Woodley trade is interesting in that it is the secondacquisition TIAA-CREF has made in the DC area in recent days; lastweek it paid approximately $98 million for the Plaza America ShoppingCenter in Reston, VA.
Other than that, though, these deals are part of the larger DCmultifamily story, typified by strong demand and solid absorptiondespite the growing supply. Delta Associatesprojects a more competitive landscape in 2015 in a report analyzingQ1 trades and project as some 26,400 units deliver to the marketover the next 24 months.
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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.
