Courtesy of Transwestern The Regency Pointe Apartments in Forestville, Maryland
Transwestern brokered sales of the Montclair Apartment Homes property in Silver Spring and the Regency Pointe apartments in Forestville last week for a combined $139M,
Bisnow can first report.
Turner Impact Capital sold the 599-unit Regency Pointe property to Quantum Equities for $80M. The garden-style apartment community sits at 3253 Walters Lane in Forestville, roughly a mile inside the Beltway in Prince George s County.
LCOR and Ares Management sold the 256-unit Montclair Apartment Homes property to Priderock Capital Partners for $58.7M. The property at 3525 Sheffield Manor Terrace is in northern Silver Spring, near the interchange of Columbia Pike and Route 200.
DC Apartment Buildings Are Giving Away Pelotons, TVs, Furniture, and Other Swag to Lure New Residents
Covid-19 has led to cheaper rent, higher vacancies and a lot more perks.
Luxury apartment buildings, with their rooftop pools, fitness centers full of Pelotons, and tricked-out dog washing stations, have lost some of their luster during the coronavirus pandemic. After all, what good are fancy communal amenities when you can’t, you know, commune?
In its 2020 third-quarter report, Delta Associates, an authority on local commercial real estate, found that DC rents in these types of high-end properties fell 10.7 percent, compared to 2019. Vacancy rates, meanwhile, rose to nearly 8 percent, compared to 4.4 percent last year.
This series asks rising stars in commercial real estate about their thoughts on some of the biggest issues facing the industry, such as inequality, climate change and technology.
The pandemic has put a strain on midsized real estate companies like Acumen Cos. that own urban apartments, as they have seen vacancy rise with young professional tenants moving home or fleeing to the suburbs. Bisnow/Jon Banister Acumen Cos. Chairman Abiud Zerubabel in his D.C. office
Acumen Cos. Chairman Abiud Zerubabel, whose firm owns about 1,000 apartments in D.C., Maryland, Virginia and Los Angeles, said his portfolio experienced a sharp increase in vacancy in May, June and July as its predominantly millennial tenant base moved out.