MULTIFAMILY WON'T QUIT

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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Baltimore Newsletters
Related Stories

DivcoWest Sells Glendale Office Building For $70M

Daniel Negari Buys Downtown LA Hotel For $34M

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Stockdale Capital Partners, Hamilton Lane Acquire Chino Hills Shopping Center For $157M

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

California Emerging As Data Center Fallback Market Amid Nationwide Opposition

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

Chapman Market Owners Get $29M Refinance: The Los Angeles Deal Sheet

Lineage Suing Solar Company Altus Power Over Boyle Heights Warehouse Fire

HPP, Blackstone Nab Extension On $1.1B Loan Tied To 2.2M SF Hollywood Portfolio

Former CBRE Exec Suing Brokerage Giant Over Age Discrimination, Whistleblower Complaint

D.C. Investor Behind The Stacks Swaps CEO For First Time In 25 Years