Northern Virginia’s multifamily market will explode in 2024, with closings regularly reaching nine digits, a trend continued by international real estate companies. pembroke Mid-December.
The Boston-based company paid $158.3 million for just 267 units. fitzroya new 9-storey building 3275 Washington Boulevard In Arlington, property records show. The sellers are Trammell Crow Residential and Shushan Company, In 2023, we have developed a property that is currently 96% occupied. Berkadia‘s Brian Crivella, Yalda Gamarian and bill gribbin brokered the deal.
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“Supply is not keeping up with demand for high-quality residential properties in coveted areas of the world’s most sophisticated cities.” jack clarksaid Pembroke’s senior vice president and investment officer in a statement. “By targeting investments in multifamily and (build-to-rent) properties in the cities where our mixed-use and office buildings are located, Pembroke is able to take advantage of this opportunity and the local expertise of our team. can.”
The company says Fitzroy is Pembroke’s first home purchase in the United States and diversifies its global portfolio amid high office vacancy rates in major cities and general office market uncertainty. This is part of the company’s strategy to specialize in
“Our differentiator is that we are uniquely positioned to move quickly on acquisitions like Fitzroy, as we are able to close the deal on an all-cash basis and conveniently raise the financing afterwards,” Clarke added. . “2025 will be a transformational year for Pembroke as we continue to find the right residential properties in the right locations to add to our global portfolio.”
Representatives for Trammell Crow did not respond to requests for comment.
A booming population and industrial growth are fueling Northern Virginia’s multifamily housing market, with companies paying more than $100 million and even more than $200 million for such properties in the region in the past 12 months. Pembroke isn’t alone.
One of the most notable is that bridge investment group$250 million October 806 units purchased dalles green From Herndon Complex harbor group international (HGI). No one is left behind, HGI paid $133 million to brookfield 352-unit property in Reston in August.
In the same month as the Dulles Green sale, Abacus Capital Group Paid $207 million for investment and management group Waterton. For 631 units Residences at Springfield Station in Springfield. after that, bridge investment group and shoreham capitalPurchased in March 1,180 units Mason at Van Dorn In the Alexandria community, the two secured $157. fannie mae loan.
Nick Trombola can be contacted at: [email protected].
