By Afro Staff
(March 17, 2009) - A high-rise multifamily property in Laurel, Md., is under contract to close within the six weeks, a globest.com report said. Valued in the $24 million range, it is being acquired by a private sector buyer, Drew White, executive director of Cushman & Wakefield’s Capital Markets Group. According to White, the seller is a locally-based REIT.
The sale is among a small handful of similar transactions expected in the D.C. area in recent months, due in part to the trauma in capital markets and recessionary foes. A tightening in credit and financing has also limited sales. White, however, foresees a change in the unpredictable lending market.
Private equity money, which has been hunkering down on the sidelines for well over a year is going to start to enter the picture within 45 days to three months, he predicts. "There are lenders and investors out there with money and they like the multifamily fundamentals in the region," he says, referring to the Mid-Atlantic market.