donedeals-3: HFF D.C. closes more than $240 million in multi-housing property and land sales in December 2010

Friday, January 14, 2011

HFF D.C. closes more than $240 million in multi-housing property and land sales in December 2010

WASHINGTON, D.C. – The Washington, D.C. office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of four multi-housing properties totaling more than $240 million and 1,515 units in December 2010 in the greater Washington, D.C. region.

HFF managing directors Dave Nachison (top right photo) and Alan Davis (top left photo) and Brenden Flood represented the respective sellers in these transactions.

Individual sale details are listed below, showing buyer first and seller second:

Westwind Farms (middle right photo), Associated Estates, Camden Property Trust, 464 Units

Ashburn, VA

Marymont at Laurel Lakes (middle left photo), Pantzer Properties Inc., Eaton Vance Mgmt., 308 Units, Laurel, MD

The Ashton at Dulles Corner (bottom right photo), Bentall Kennedy, Fairfield Residential, 453 Units

Herndon, VA

The Heights at Groveton (Land) (bottom left photo), Redbrick Dev. Group, Madison Dev. Partners, 290 Units, Alexandria, VA

“These four transactions illustrate the depth and breadth of capital targeting the highly sought Washington, D.C. region’s multi-housing market today from core-quality, new construction to value-add and development opportunities,” said Nachison.

“Apartment fundamentals are stronger in the D.C. region than anywhere in the country and both the recent record-setting absorption and the gap in the development pipeline from 2008-2010 have bolstered rent growth expectations.”

“Westwind Farms and The Ashton at Dulles Corner are both market-leading Class A communities in the Dulles corridor that will directly benefit from the delivery of Metro’s Silver line in five years,” added Nachison.

“Marymont is a value-add acquisition that is well-positioned to take advantage of the tremendous BRAC growth at Fort Meade and the arrival of the InterCounty Connector that will link Laurel to some of the best employment centers in Montgomery County.

“Lastly, The Heights at Groveton land will be developed by Redbrick Development and Wood Partners, and is poised to deliver apartments and complementary retail at a time when most experts project one of the tightest supply markets the DC region has ever seen.”