WASHINGTON D.C., – April 26, 2024 – Berkadia DC Metro Institutional Sales Team announced today that it has closed over $800 million in transaction volume year-to-date, with several more transactions currently in closing. Despite investment volume declining in 2023, Senior Managing Director Brian Crivella and Senior Directors Yalda Ghamarian and Bill Gribbin of Berkadia DC Metro have proven capital is available for the right transactions and has substantiated pricing transparency with $335 million in combined sales closing in the past week alone. This year is expected to improve for multifamily investments, with recent sales showing inclination to reverse the slow sales trend of 2023. The team currently has over $1 billion in closing or in the market.
The DC Metro area, renowned for its thriving urban scene and robust economic foundation, stands at the forefront of a transformative period in the commercial real estate market. Amidst the backdrop of an evolving market, it’s essential to recognize the adaptability and resilience of the DC Metro area. Recent market fluctuations, though noticeable, have not dampened the spirit of innovation.
While some voices express caution, particularly regarding concerns about regulatory risks, the DC region is capturing significant interest and recent transaction activity is showcasing the metro’s remarkable adaptability. This is the recurring narrative for the DC Metro region – resilience, supported by concrete fundamentals. Supply is largely in the rearview mirror and investors are experiencing strong rent growth in their portfolios across the region. Renter demand has continued to increase Class A apartment rents in the DC region this year, according to a new Delta report. Delta Associate released their first quarter Class A apartment report for the DC region, Northern Virginia led the regional pack, with rents rising seven percent year-over-year.
“The collaborative approach between our investment sales team and our partners on the debt team creates a total capital solution in a volatile market and provides our sellers with transparency and certainty of execution,” said Brian Crivella of Berkadia DC Metro. “We appreciate our clients’ faith in our team to execute in these uncertain times.”