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MULTIFAMILY WON'T QUIT

Baltimore

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MULTIFAMILY WON'T QUIT
Mike Muldowney, August 2012
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."
MULTIFAMILY WON'T QUIT
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.