Transactions Bring Volume of Prior 12 Months to More Than $400 Million
February 19, 2019
BETHESDA, MD. – Transwestern Commercial Services (TCS) today announces it executed the sale of two multifamily communities totaling 921 units valued at more than $110 million. TCS’ Mid-Atlantic Multifamily Group, led by Co-Directors Dean Sigmon and Robin Williams, along with Justin Shay and Mike D’Amelio, represented the sellers in the transactions. These deals bring the group’s sales volume for the past 12 months to over $400 million with more than 3,000 units sold.
The recent sales include Cheverly Station, a 555-unit garden-style community at 6501 Landover Road in Landover, Maryland. Foulger Pratt Companies with DLJ Real Estate Capital Partners sold the Class B, value-add property for $65.85 million. Walker Mill is a 366-unit garden-style community at 1926 Rochelle Ave. in Forestville. Federal Capital Partners sold the Class B property to Aulder Capital for $43.6 million.
“Multifamily investors continue to show extremely strong appetites for value-add opportunities in Suburban Maryland and Washington, D.C.,” said Sigmon. “We have seen robust interest for both single asset and portfolio transactions, and we do not expect a slowdown in this activity.”
According to Delta Associates’ Year-End Class B Apartment Report, garden apartment rents in Suburban Maryland reported an effective rent increase of 3.9 percent in the 12 months ending December 2018. Class A rents throughout the Washington region increased marginally due to continued pressure from new deliveries.
“We still see a great deal of opportunity in the “Class B space” to unlock value,” said Williams. “With Amazon’s announcement to locate a campus in Northern Virginia, we expect to see an influx of new residents as jobs are added. This growth will boost the multifamily market and create demand for high-quality and renovated rental units.”
The TCS Mid-Atlantic Multifamily group provides a full-range of Investment Sales Services throughout Philadelphia, Delaware, Baltimore, Washington, D.C., Northern Virginia, Richmond and Hampton Roads. The group’s client roster includes Sentinel Real Estate, Federal Capital Partners, Foulger Pratt with DLJ, Hampshire Properties, Aimco, Avalon Bay, Equity Residential, Bozzuto Group, Fannie Mae, AIG Investment, Morgan Properties, Goldman Sachs, JP Morgan and Angelo Gordon.
ABOUT TRANSWESTERN COMMERCIAL SERVICES
Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
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