There was very strong interest in the property, according to Shinberg, who gave 40 tours and ultimately fielded 30 offers for the stabilized property. "We had a wide range of interest from REITs, to advisors, to life companies and a multitude of private buyers," he tells GlobeSt.com.
CBRE Investors and its all cash offer was ultimately chosen because it was the best overall package, he says. "It was the totality of their offer than won the deal--a combination of pricing, the ability to close quickly, their credit-ability in terms of being able to do a deal."
Multifamily in the DC area made a strong comeback in the last quarter of 2009--a trend that shows little sign of abating so far in 2010."It is an asset class that is attractive on many fronts now--we have among the best job growth in the country. There is also an enormous amount of investment interest in the city as many jurisdictions are difficult to get entitled," Shinberg says.
First Capital Realty also represented the Trust Department of PNC Bank in the sale of Diamond Apartments, a 32-unit project built in the early 1930s located around the corner from American University Law School at 47th and Massachusetts Ave., NW last October. That trade was for $5 million.
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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.
