WASHINGTON, D.C. (February 17, 2023) – Chris Doerr, managing director of Northmarq’s Washington, D.C. investment sales team, spoke with the Washington Business Journal about the local market conditions. His contribution came in the context of Bernstein Management Corp’s recent $82 million acquisition of The Valo, a 221-unit multifamily property located at 222 M Street Southwest.
The sale symbolizes how the D.C.market remains a top-tier location for multifamily investors due to its growing population and its relatively stable economy, thanks to the presence of the federal government. This despite a slowdown of multifamily sales in recent times as a result of rising interest rates wariness about the economy’s direction inspiring many would be buyers to sit on the sidelines. Doerr noted that activity could pick up in the second half of the year if the Federal Reserve, as expected, slows the pace of interest rate hikes.
“Most sellers are taking a wait-and-see approach,” Doerr said. “There are still buyers but sellers, they are just being more cautious. As rates start levelling off, they will become more comfortable.”