(Read more on the multifamily market.)
WASHINGTON, DC-Sawyer Realty Holdings, a Needham, MA-based firm, has flooded the Washington, DC-Baltimore Corridor multifamily market with some 7,000 units for sale. The portfolio consists of 20 properties throughout the region. Nine of the properties are in suburban Washington's Prince Georges County, MD; 10 are in Baltimore County and one in Baltimore city.
CB Richard Ellis' Bill Roohan, Mike Muldowney, Andrew Boyer, Michael Rudolph and Brian Margerum are the marketing agents. Offers are due July 17. Once the offers are in, CBRE will be providing tours to interested buyers.
Industry sources size the portfolio--theoretically that is--at $85,000 to $100,000 per unit. Roohan, vice chairman of CB Richard Ellis who heads the firm's Multi-Housing Group in the region, tells GlobeSt.com that Sawyer wants to let the market determine its aggregate value, particularly because it is unclear how or if it will be sold off in parcels. "There are any number of ways it can break down," he says.
CBRE helped Sawyer dispose of another similar sized portfolio in the DC area last year. Although still relatively rare, such portfolios are becoming more routine in the DC-Baltimore market, Roohan says. Also, more buyers are stepping up to absorb the supply. "There could be five or six viable players for part or all of the portfolio," he says. "That is why it is impossible to say now how it might be divided."
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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.
