Multifamily Building Sales in DC Surged in 2011
Multi-family building sales surged in the DC area last year, reported the Washington Business Journal recently.
Apartment and condo building sales hit $4.7 billion in 2011, according to data released by the CBRE Group. In 2010, multifamily sales were at $3.54 billion.
From the Business Journal:
Properties near Metro stations tended to command the strongest sale prices and rental rates increased more in the District than in its outlying suburbs, the brokerage said. “People are paying a premium to be within a one-block radius of a Metro station, and properties within walking distance of Metro stations continue to be a strong lure for investors,” CBRE Vice Chairman Bill Roohan, who heads CBRE’s D.C. multifamily housing group, said in a statement.
With apartment vacancy rates low, investors apparently want to get in on DC’s rental market. CBRE predicts that rents may rise as much as 7 percent this year within the District.
See other articles related to: renting, dclofts, apartments
This article originally published at http://dc.urbanturf.com/articles/blog/multifamily_building_sales_surged_in_2011/4932
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