Multifamily properties selling before completion is a trend in the District (as we reported last week). And Silverwood Cos prez Mark Silverwood wants Virginia to be in on the fun; his firm just purchased The Avery, a 67-unit yet-to-deliver apartment complex near the Courthouse Metro stop in Arlington for $33M from Insight Property Group. Mark says Silverwood will switch the property to condos, though, responding to what he calls "a huge shortage of new condominiums for the region," especially in the Arlington area.
Mark says the company is bullish on condos and Arlington due to a big buyer market.He adds the banks are equally bullish, as the financing markets remain strong for condos, especially ones under 100 units like The Avery.
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