Allen Manesh, a broker with IRG, told GlobeSt.com that he is seeking a minimum bid of $2.8 million for a 168-unit property in Southeast D.C., and wants at least $14.7 million for a 366-unit development in suburban Forestville, Md.
Manesh says the smaller property - Chadwick Apartments - is in need of a total "gut out," and could be a great candidate for a tax credit rehab development. Only 19 percent of the units are currently occupied. The biggest asset is probably the five-acre parcel the complex sits on, he says.
The other development - Walker Mill Hall Apartments - is in Prince George's County, and is 99.5 percent occupied, according to Manesh.
The multifamily market is strong in the Washington area right now, with many apartment communities enjoying occupancy rates of 96 to 97 percent. Low interest rates and a shift in assets from the stock market to real estate are two factors driving buyer demand.
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