JLL Nears $1B in DC Sales
Will the multifamily deals ever stop? According to JLL's Al Cissel (middle, flanked by colleagues Scott Melnick and Shawn McDonald), not anytime soon. Along with Scott and colleague Chris Espenshade, Al closed $700M worth of multifamily investment sales over the past 45 days, with another $300M set to close in the next 30 to 45 days. One was Silver Spring's 376-unit Woodvale Apartments, purchased from FCP and Angelo Gordon bya JV of Lubert-Adler and Laramar for a cool $53M. Al says the spike in deal volume stems in part from listings that had spilled over from 2012, but nevertheless, "it's a very, very healthy market." JLL is also arranging $400M in financing for the deals, led by Shawnwho heads up financing in the Mid-Atlantic for the firm.