VIENNA, VA-Metropolitan Development has put on the market a 1,000-unit multifamily portfolio stretched out across three separate regions: Apex, NC; Camp Springs, MD; and New Haven, CT. The locally based firm has tapped Jones Lang LaSalle’s Washington, DC-based Multifamily Group, which consists of Al Cissel, Scott Melnick, Peter Nicoletti, Todd Weinstein, Jorge Rosa and Jean Samayoa, to market the class A offerings.

The buildings could be sold individually or as a portfolio for at least $170 million. On a blended basis, the portfolio will likely trade at a 6% to 6.25% cap rate, Cissel tells GlobeSt.com.

It is rare that class A multifamily assets come to market, Cissel says--particularly in a portfolio of this size. These are three different markets with three separate sets of dynamics, he adds, but for the most part, owners are holding onto their class A apartment buildings. At the same time, the asset class’ fundamentals are robust--more people are moving into apartments as the economy improves, while supply is still scarce. "Performance in all three markets is getting better each month and we think there is a good upside,” Cissel continues.