MULTIFAMILY WON'T QUIT
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|CBRE's Bill Roohan, Mike Muldowney (above), Michael Rudolph,Brian Margerum, and Andy Boyer repped Bozzuto and Fannie Mae in their $102M sale of the 982-unit Laurel Square Apartments to Hampshire Properties, which closed on Friday. Built around '70, it'll receive a $10M facelift (the same thing happened to the cast ofDynasty, and they were built in the '80s). "This is a testament to Laurel coming into its own," Bill says. "All the activity at Fort Meade is creating strong demand for affordable housing."|
|Mike says investors are concerned about the Mid-Atlantic's 22,000 apartments under construction or recently delivered and the many more in the long-term pipeline, and that's affecting cap rates. But Maryland and DC gained a few jobs lately, and there are no real indications of softening. Mike says Laurel's showing signs of growth with the expansion of NSA, DISA, and US Cyber Command, and there's a need for quality rental housing. As for Baltimore, he believes many investors are overlooking a market that performs steadily year after year. ?It's the best-kept secret in the Mid-Atlantic,? he says.|