D.C. apartment property sales taper-off

Commercial property sales in Washington, D.C., recently experienced slowed growth.

Commercial property managers in the Washington D.C. area experienced a slowdown of apartment building sales during the first part of 2012, according to Delta Associates.

In 2011, the market had approximately $2.41 billion in multifamily Class A property sales. In 2009, the market fell to $500 million, but boomed to $1.5 billion in 2010, The Washington Post reported, citing the report. However, this year's figure has only reached $800 million, with five low-rise properties and four larger buildings changing hands. This is far off of a pace to reach 2011's total of 19 low-rise sales and 10 larger property sales.

Furthermore, the apartment prices in the metropolitan statistical area have dropped, the report explained. High-rises have fallen to $405,000 per unit, which was 4.5 percent lower than at the end of last year. In addition, the cost of low-rise properties dropped by more than 14 percent, on average to a total of $196,000 for each unit.

The report added that part of the reason for the price decline was due to low-rise units being sold in Loudoun County and Stafford County, which cost less money than areas closer to the city.

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