The Washington, D.C. metro multifamily housing sector has continued to demonstrate resiliency and recovery in the midst of the clamor in the media over the last year, which has caused many to believe otherwise. Multifamily has enjoyed declining rental vacancy levels the last three of four years ending in 2013, and only nominal increases during 2014, according to Reis. The eagerness of developers to capitalize on the absorption and flowing capital markets of the D.C. multifamily market has left some speculators concerned that the established strength of the fundamentals will be eroded by oversupply and ultimately lead to flat or negative rent growth and high vacancy rates. While 2014 has come with a stream of new developments hitting the D.C. metro, absorption remains steady and in some cases outperforming expectations. New product has been consumed as quickly as new developments are delivered. The D.C. metro market absorption is on track to exceed its record of units absorbed in a year, which was reached in 2010, already absorbing 4,904 out of the 6,516 units delivered year-to-date, according to Reis. This continued strength of the multifamily market is further evidenced by higher levels of demand for Class A luxury units, as shown …
CHESAPEAKE, VA. AND MATTHEWS, N.C. — Dollar Tree Inc. (NASDAQ: DLTR) and Family Dollar Stores Inc. (NYSE: FDO) have entered into a definitive merger agreement under which Dollar Tree will acquire Family Dollar in a cash and stock transaction valued at approximately $8.5 billion. The value of the consideration is $74.50 per share, a 22.8 percent premium over Family Dollar's closing stock price as of Friday. The transaction, which has been unanimously approved by the boards of directors of both companies, is expected to close by early 2015, at which time the Family Dollar shareholders will receive $59.60 in cash and $14.90 equivalent in Dollar Tree shares. “This is a transformational opportunity,” says Bob Sasser, CEO of Dollar Tree. “With the acquisition of Family Dollar Stores, Dollar Tree will become a leading discount retailer in North America, with more than 13,000 stores in 48 states and five Canadian provinces, sales of over $18 billion, and more than 145,000 associates on our team.” Dollar Tree will continue to operate under the Dollar Tree, Deals, and Dollar Tree Canada brands, and will operate under the Family Dollar brand upon closing. Howard Levine, CEO of Family Dollar, will remain with the company and …
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of a government-leased, five-floor office building on Embassy Row in Washington, D.C. The Embassy of the Republic of Georgia has leased the asset, located at 2209 Massachusetts Ave. N.W., since 2007. Ari Firoozabadi, Gil Neuman, Kyle Tangney, John Mullen, Henry Schuldinger and Caleb Brown of Greysteel represented the seller, Delshah Capital, in the transaction. The buyer, RezRoss Investment Group LLC, purchased the building for an undisclosed price.
WASHINGTON, D.C. — The Greysteel Co. has brokered the sale of Minnesota Flats, a 16-unit multifamily property located at 1840 Minnesota Ave. S.E. in Washington, D.C.’s Anacostia neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Washington Living Trust, in the transaction.
ALEXANDRIA, VA. — The Greysteel Co. has brokered the sale of Mount Vernon Apartments, a boutique apartment property in Alexandria’s Del Ray neighborhood. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian, Mike Bediones and Jake Ying of Greysteel represented the seller, Latitude 38 Realty LLC, in the transaction. The buyer was 3310 Mt Vernon Ave LLC.
FREDERICKSBURG, VA. — The Greysteel Co. has arranged the $18.8 million sale of Townsend Square Apartments, a 200-unit, transit-oriented community in Fredericksburg. Federal Capital Partners purchased the garden-style community located at 1100 Townsend Blvd. The apartment community features a fitness center, picnic area, playground, volleyball court and swimming pool. Federal Capital Partners has retained Kettler to manage the community. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown, Mike Bediones and Jake Ying of Greysteel represented the seller, Insight Property Group, in the transaction.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of Vito Terrace Apartments, a 44-unit multifamily community at 734 Longefellow St. in Washington, D.C. The elevator-served property is located in the city’s Brightwood Park neighborhood south of Parks of Walter Reed, the redevelopment of the former Walter Reed Army Medical Center. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Urban Investment Partners LP, in the transaction. The buyer, Manna Inc., plans to work with property’s Tenant Association to preserve the property’s affordability and make moderate improvements. The sales price was undisclosed.
WASHINGTON, D.C. — The Greysteel Co. has arranged the sale of the Brightwood Portfolio, three walk-up apartment communities in Washington, D.C. The 130-unit portfolio includes the Concord, Valencia and the Vizcaya. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the seller, Bernstein Management Corp., in the transaction. The buyer, The Hampstead Cos., purchased the properties in partnership with NixDevCo and the portfolio's tenant association. Citi Bank, Affordable Investment Advisors and Local Initiatives Support Corp. provided bridge financing on behalf of the buyer.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of Spring Valley Flats, a six-building, 28-unit apartment community located in Spring Valley, an upscale neighborhood in Washington, D.C. The asset, located at 4000-4013 47th St. N.W., sold for approximately $7.6 million. Ari Firoozabadi, Kyle Tangney, John Mullen, Caleb Brown, Lance Ahmadian and Mike Bediones of Greysteel represented the sellers, Urban Investment Partners and Stonebridge Investments, in the transaction. The buyer was 47th Street LLC.
WASHINGTON, D.C. — Washington, D.C.-based Greysteel has arranged the sale of 1101 Rhode Island Ave. N.W. and 1528-1530 11th St. N.W., two commercially zoned land parcels in Washington, D.C.’s Logan Circle neighborhood. Condominium properties in the area have been selling for more than $800 per square foot, according to Greysteel. Nearby developments include O Street Market and CityCenterDC. Ari Firoozabadi, John Mullen, Kyle Tangney, Lance Ahmadian, Caleb Brown and Mike Bediones of Greysteel represented Q Street LP in the sale of the parcels to CAS Riegler Cos. LLC.