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AcquisitionsCompany NewsDistrict of ColumbiaGeorgiaMarylandMultifamilySoutheastTop StoriesVirginia

Elme Communities Agrees to Sell Multifamily Portfolio to Cortland for $1.6B as Part of Liquidation Plan

by John Nelson

BETHESDA, MD. AND ATLANTA — Elme Communities (NYSE: ELME), a Maryland-based multifamily owner-operator that previously operated as WashREIT, has entered into a purchase and sale agreement with an affiliate of Cortland Partners, an Atlanta-based multifamily investment and management firm. Under the terms of the transaction, Elme would sell 19 apartment communities to Cortland for $1.6 billion in an all-cash deal. “We are pleased to have reached an agreement with Cortland that recognizes the greater value of these 19 Elme communities and their long-term potential when coupled with Cortland’s economies of scale,” says Paul McDermott, president and CEO of Elme. “We believe Cortland will be an excellent steward of the properties and that this sale will facilitate a seamless transition of ownership, enabling continuity of operations for our residents and community teams.” Steven DeFrancis, CEO of Cortland, said that the portfolio will grow the company’s presence in the Washington, D.C., region and in its home state of Georgia.  “We’re excited to welcome these communities into the Cortland family and deliver the exceptional living experience residents have come to expect from our brand,” says DeFrancis. The properties include: Goldman Sachs & Co. LLC and Jones Lang LaSalle Securities LLC are acting as …

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July Jobs Report
District of ColumbiaSoutheast

U.S. Economy Adds 73,000 Jobs in July, Previous Months’ Numbers Revised Down Significantly

by Abby Cox

WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that U.S. employment growth totaled 73,000 in July, falling below the 100,000 figure projected by Dow Jones economists, according to CNBC. May and June totals were also significantly revised downwards by a combined 258,000 from previous months’ totals. The BLS revised May job growth down from +144,000 to +19,000, and June from +147,000 to +14,000. The unemployment rate rose slightly to 4.2 percent, and the number of unemployed people — at 7.2 million — also showed little change from June. Nearly all job growth in July came from the healthcare and social assistance sectors, accounting for roughly 94 percent of the gains. Healthcare contributed 55,000 jobs, including increases in ambulatory healthcare services (+34,000) and hospitals (+16,000). Social assistance employment provided 18,000 jobs, reflecting continued growth in individuals and family services (+21,000). Retail added nearly 16,000 jobs, while the financial sector was increase by 15,000 jobs. Meanwhile, federal government employment continued to decline in July (-12,000) and is down by 84,000 since reaching a peak in January before Elon Musk’s Department of Government Efficiency (DOGE) began reallocating job scopes and duties. There was little change in employment over the …

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

In-Rel Properties Acquires 130,000 SF Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — In-Rel Properties, a real estate investment and management firm based in Lake Worth Beach, Fla., has purchased a nearly 130,000-square-foot office building located at 2033 K St. NW in Washington, D.C.’s Golden Triangle district. The seller and sales price were not disclosed. In-Rel has tapped Carroll Cavanagh, Dimitri Hajimihalis and Emily Eppolito of CBRE to spearhead the leasing campaign at 2033 K Street. Renovated in 2019, the eight-story office building features a new lobby, fitness facility and conference center. In-Rel plans to install “town hall” speculative suites on the second and third floors to boost occupancy at the office building, which has a block of up to 60,000 square feet of contiguous space available for lease.

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DevelopmentDistrict of ColumbiaLoansOfficeSoutheast

HGI Provides $38.3M Refinancing for Office Building in D.C.’s East End

by John Nelson

WASHINGTON, D.C. — Affiliates of Harbor Group International LLC (HGI) have provided a $38.3 million loan for the refinancing of a 12-story office building located at 1250 Eye St. in Washington, D.C.’s East End district. The borrower is Kairos Investment Management Co., which purchased the 180,000-square-foot property in 2023. Kairos plans to use the loan proceeds to refinance existing debt and fund ongoing renovations and enhancements of the property, while also supporting leasing activity. These enhancements will include a new amenity suite on the 12th floor that Gensler designed that will feature an elevated hospitality lounge, conference center, bar/kitchen and terrace. Renovations include move-in ready office spaces and upgrades to commons areas including the lobby, fitness center, bike room and parking/valet services.

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Affordable HousingDistrict of ColumbiaFeaturesHeartland Feature ArchiveMultifamilyMultifamily & Affordable Housing Feature ArchiveNortheast Feature ArchiveSoutheastSoutheast Feature ArchiveTexas & Oklahoma Feature ArchiveWestern Feature Archive

Why Fannie Mae, Freddie Mac Believe the Wind Is at Their Back

by John Nelson

Fannie Mae and Freddie Mac are adopting a more pro-business approach when it comes to closing multifamily loans in 2025 than in recent years, when sources say they were more selective. The two government-sponsored enterprises (GSEs) combined to produce 33 percent more multifamily loans in first-quarter 2025 compared with first-quarter 2024. “There is definitely a ‘volume on’ mindset at both shops,” says Landon Litty, director of agency sales at BWE. “This is a real positive for borrowers.” For Fannie Mae, the volume of multifamily loans totaled $11.8 billion in the first quarter of 2025, compared with $10.1 billion in the first quarter of 2024. Meanwhile, Freddie Mac produced approximately $15 billion in multifamily loans in the first quarter, financing around 144,000 rental units, well above the approximately $10 billion produced in first-quarter 2024.  “The first quarter of 2025 has been dynamic, with real-time adjustments to meet market needs while maintaining a focus on soundness,” says a spokesperson at Freddie Mac Multifamily.  Other sources attest that the GSEs are focusing on their sponsors more so than in previous years. T.J. Edwards, chief production officer for the multifamily finance division at Walker & Dunlop, says the agencies are proactively vetting first-time borrowers …

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townley-court
Affordable HousingDistrict of ColumbiaLoansSoutheast

CPC Arranges $26.7M in Construction Financing for Affordable Housing Rehabilitation Project in D.C.

by Abby Cox

WASHINGTON, D.C. — The Community Preservation Corp. (CPC) has arranged $26.7 million in construction financing for the rehabilitation and expansion of Townley Court, a 45-unit affordable housing community located in the Glover Park neighborhood of Washington, D.C. DC Green Bank and J.P. Morgan provided $15.7 million in combined financing for the project, while additional financing included $5.2 million from Amazon and $5.8 million from American Housing. Additionally, CPC Mortgage Co. originated a $15.7 million Freddie Mac loan under a Targeted Affordable Housing (TAH) forward commitment. The financing will fund renovations to the apartment’s 45 existing units, with plans to build an additional seven units, as well as solar panels, electric vehicle charging stations and energy-efficient building upgrades. The eco-friendly improvements are estimated to cut both the building’s utility costs and greenhouse gas emissions by nearly 10 percent, while also meeting the Enterprise Green Communities certification upon completion of the renovation. Completion is targeted for September 2026.

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AcquisitionsDistrict of ColumbiaRestaurantRetailSoutheast

SRS Brokers $3M Sale of D.C. Restaurant Leased to Pupatella Neapolitan Pizza

by John Nelson

WASHINGTON, D.C. — SRS Real Estate Partners has brokered the nearly $3 million sale of a restaurant property located at 301 Massachusetts Ave. in Washington, D.C.’s Capitol Hill neighborhood. Pupatella Neapolitan Pizza has occupied the 4,154-square-foot restaurant since fall 2024 on a triple-net lease. Rick Fernandez and Andrew Fallon of SRS represented the seller, a private owner based in New York City, in the transaction. The buyer was a local private investor. Both parties requested anonymity. Sandy Spring Bank provided an undisclosed amount of acquisition financing to the buyer. The restaurant was recently renovated and features 1,500 square feet of outdoor patio space.

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District of ColumbiaSoutheast

U.S. Economy Adds 147,000 Jobs in June, Surpassing Expectations from Economists

by John Nelson

WASHINGTON, D.C. — The U.S. economy added 147,000 jobs in June, according to the U.S. Bureau of Labor Statistics (BLS). The monthly figure surpasses the estimated 110,000 jobs by Dow Jones economists, according to CNBC. The total also contrasts ADP’s report yesterday that the private sector lost 33,000 jobs in June, which CNBC reported was a surprise to economists who were forecasting an increase of 100,000 jobs. While surpassing expectations, the June total is on target with the average 146,000 jobs added over the prior 12 months, according to the BLS. The leading employment sector this past month was government, which added 73,000 jobs. State governments added 47,000 jobs, mostly in education (+40,000), and local governments added 23,000 jobs. Job losses continued at the federal level as 7,000 jobs were lost in June. Other sectors that saw job gains in June included healthcare (+39,000) and social assistance (+19,000). Employment changed little in most other fields, including construction, manufacturing, retail trade, transportation and warehousing, professional and business services and leisure and hospitality. The BLS also reported that the unemployment rate changed little at 4.1 percent, which marks 13 consecutive months where the unemployment rate has landed between 4 and 4.2 percent. …

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Garfield, Broad Creek Capital Acquire 285,000 SF Office Building in D.C.

by John Nelson

WASHINGTON, D.C. — A partnership between Garfield Investments and Broad Creek Capital has acquired a 285,000-square-foot, eight-story office building located at 300 M St. SE in Washington, D.C.’s Navy Yard district. The seller and sales price were not disclosed. Bradley Allen of Eastdil brokered the transaction. Situated two blocks from the Navy Yard Metro Station and opposite the Washington Navy Yard, the property was 53 percent leased at the time of sale to tenants including defense firms and subcontractors of the U.S. Navy. The office building includes a 7,000-square-foot conference facility, fitness center, 24-hour security and 304 underground parking spaces. Garfield and Broad Creek have selected Greg Tomasso of Avison Young to handle leasing at 300 M.

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WestEnd25
AcquisitionsCaliforniaDistrict of ColumbiaMultifamilySoutheastTop StoriesWestern

JRK Property Holdings Acquires Two Apartment Communities in Los Angeles, Washington, D.C. for $315M

by Abby Cox

LOS ANGELES AND WASHINGTON, D.C. — Los Angeles-based JRK Property Holdings has acquired two apartment communities totaling 684 units, Chase Knolls in Los Angeles and WestEnd25 in Washington, D.C., in two separate transactions for a combined total of $315 million. Located on 14 acres in the Los Angeles neighborhood of Sherman Oaks, Chase Knolls is a 401-unit garden-style community that encompasses nearly two city blocks. The property was originally built in 1949 to include 260 Art Deco-inspired apartment homes across 19 one- and two-story residential buildings. In 2021, a new clubhouse and resort-style swimming pool were integrated into the community, along with 141 new units that were constructed to occupy six additional residential buildings. JRK also plans to make further enhancements to the complex to improve the community amenities and common areas.  According to Cushman & Wakefield, which marketed the property for sale on behalf of the undisclosed seller, Chase Knolls is one of only 12 apartment communities exceeding 100 units built in Sherman Oaks over the past 75 years, a testament to the significant development hurdles in the area, such as limited land and high barriers to entry. The second property, WestEnd25, is a 283-unit high-rise apartment community that …

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