Expanding Our Portfolio in DC
VIRGINIA BEACH, VA (October 26, 2022) – Croatan Investments (“Croatan”), a multifamily investment manager for private wealth, institutional, and retail capital, has acquired Midtown at Camp Springs, a 291-unit garden-style apartment community with 13,000 square feet of ground floor retail located in the Washington, D.C. metro area.
Built in 2009, Midtown at Camp Springs’ current occupancy rate is 96%. In addition to value-add renovations that will modernize the asset’s interiors and common areas, the third-party property management firm, Greystar, has an extensive presence in the DC market and will bring efficiencies with the operations of the asset.
The Croatan Outlook
“We are forecasting strong market rent growth in the DC market. With the stability of the federal government employment base, we expect the region to outperform other markets should we experience an economic downturn,” said CEO, Paul Van. “With a cost basis that is well-below replacement cost in a municipality with a historically difficult approval process for new construction, this was a great opportunity and a great time to extend our reach to the DC market.”
“... this was a great opportunity and a great time to extend our reach to the DC market.”
Location Matters
Located within the Suitland – Silver Hill submarket, the property benefits from strong leasing demand driven by a combination of proximity to major employers as well as access to the extensive Washington, D.C. employment base. Midtown is within walking distance of the General Services Administration’s newly constructed US Citizenship and Immigration Services Campus as well as 35,000 square-feet of newly constructed retail developed to support the 3,700 employees being relocated to the submarket. In addition, the property is just one-and-a-half miles from the 226-acre Suitland Federal Center, which is the home of the US Census Bureau headquarters, offices of the Bureau of Economic Analysis, Smithsonian Institute, and NOAA among others.