Carter Multifamily has received $262 million in debt and $40 million in equity to refinance a six-property multifamily portfolio across Maryland, Virginia, and Alabama. JLL Capital Markets arranged the seven-year floating-rate loans through Freddie Mac®. JLL also worked with an institutional investor to secure the equity.

The six garden-style communities encompass a total of 1,494 units, with five of them located within the Washington, D.C., metro area. The portfolio includes:

  • The 326-unit Park at Kingsview Village, located at 13414 Daventry Way in Germantown, Md.
  • The 240-unit Stonecreek Club, at 12840 Locbury Circle, also in Germantown, some 2.7 miles away from Park at Kingsview Village.
  • The 336-unit Hunt Club, at 404 Christopher Ave., in Gaithersburg, Md., a northwestern suburb of Washington, D.C., along Interstate 270.
  • The 220-unit Windsor Park and the 180-unit Springwoods at Lake Ridge are both located in Woodbridge, Va., around 23 miles from downtown D.C.
  • The 192-unit Oaks of St. Claire is located in Moody, Ala., some 20 miles from downtown Birmingham.

Strong Job Market Drives Multifamily Investment Across Washington, D.C.

Thanks to their proximity to Washington, D.C., the properties provide access to several employment opportunities. Hiring velocity in Washington, D.C., is expected to outpace the national rate of increase in 2022, according to research from Marcus & Millichap.

In the 12 months ending in June, the metro added more than 100,000 jobs, data from the U.S. Bureau of Labor Statistics revealed, while Marcus & Millichap predicts that an additional 105,000 jobs will be created by the end of the year.

Thanks to high-paying jobs and continuously expanding employment opportunities, apartment demand has surged in recent months, putting downward pressure on vacancy rates. All but one of Washington, D.C.’s, 36 submarkets recorded vacancy compressions over the past four quarters, Marcus & Millichap's research noted. Investor appetite has also increased in the metro, with most investors seeking properties with value-add potential.