Sale of View 14 apartment building fetches record price
- July 11, 2011
The multifamily sector continues to be the shining star in commercial real estate. A recent deal in Washington, D.C., broke the record in that market for the highest price per square foot for the sale of a Class A rental building. According to the Washington Business Journal, UDR Inc. — a Denver-based apartment owner with 16 properties in the region — bought the 155,000-square-foot View 14 for $104 million, or about $670 per square foot. According to a market report from Cassidy Turley, vacancy in apartment buildings is at its lowest level in a decade.