BETHESDA, MD - Transwestern's Bethesda, MD based Mid-Atlantic Multifamily Group, headed by Co-Directors Dean Sigmon and Robin Williams, finished the 2012 calendar year with three closings in December totaling nearly $100 million.
Transwestern represented the sellers in all three transactions: Timbercroft Townhomes, a 284-unit community located in Owings Mills, Md; Glenmont Crossing, a 199-unit community located in Wheaton, Md; and Fireside Park, a 236-unit community located in Rockville, Md.
"We are looking forward to the coming year and expect a continuation of the robust apartment market in the Washington metro area with a continued interest in core and core-plus communities," said Sigmon.
Timbercroft Townhomes in Baltimore County was sold by Home Properties for $29.15 million, or $102,641 per unit, to The Wishcamper Companies, Inc. and RMDG, Inc.
Glenmont Crossing, a garden apartment and townhome style community in Montgomery County, was sold by a partnership between Buvermo Investments and Abbey Road Development for $27.9 million, or $140,201 per unit, to the Housing Opportunities Commission of Montgomery County through the Right of First Refusal process.
Fireside Park, a garden-style community in Montgomery County, was sold by Hampshire Properties for $36 million, or $152,542 per unit, to Rockville Housing Enterprises through the Right of First Refusal.
The Washington metro area saw an increase of activity through the fourth quarter, including the listing of the Washington, DC / Northern Virginia Multifamily Portfolio, a five-property, 1,468-unit multifamily portfolio owned by Equity Residential and located in Fairfax County, Va. The Transwestern Mid-Atlantic Multifamily Group currently has more than 5,500 units on the market or under contract totaling approximately $700 million in total sales volume. According to Transwestern's research affiliate, Delta Associates, overall sales volume in the Washington metro area totaled $3.1 billion in Class A and B assets through November 2012.