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Mutifamily Gets Tight

Washington, D.C.
Mutifamily Gets Tight

Greystar CEO Bob Faith

Bob Faith, founder of multifamily giant Greystar, tells us that shrinking cap rates on multifamily in core markets is forcing capital to develop--hence the 7,586 units across 24 properties Greystar now has under development in the US.


Even in DC, where people have been raising the overbuilt red flag for a while, Bob foresees only a temporary bubble. He thinks concerns about longer-term supply are overstated. Greystar is building two DC communities: the 288-unit Elan Potomac Heights (above) in Woodbridge and the 404-unit Ascent @ Spring Hill Station in McLean. It's also putting up the 240-unit Elan at Settlers Landing in St. Mary's County and is managing lease-up at Mill Creek Residential's 603-unit Trilogy at NoMa.