D.C. apartment sales surge in 2011

Sales of apartment and condominium buildings in the Washington area surged to $4.7 billion in 2011, a $1.1 billion increase from 2010 and a sign that investors’ efforts to buy into D.C.’s heavy demand for rentals in particular is on the rise, according to CBRE Group Inc.

Multifamily sales for the year rose from $3.54 billion in 2010, according to CBRE. The brokerage’s District-based Multi-Housing Investment Properties team reported its own sales volume increased to $1.8 billion, up from $1.4 billion in 2010. Properties near Metro stations tended to command the strongest sale prices, and rental rates increased more in the District than in its outlying suburbs.

Read the full story from the Washington Business Journal.

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