Winchester Multifamily Property Sells for $24M

A multifamily property in Winchester, Virginia has been sold for 24 million. The property, located at 2237 Taft Circle, was sold on August 8th, 2022. The sale price of 24 million was not accompanied by any information on the price per square foot or the total square footage of the property. The brokers involved in the deal were Nick Murray, Marty Zupancic, Eric Jentoft-Herr, and Dennis Cravedi.

Winchester is a city in the northern part of Virginia, located about 75 miles west of Washington, D.C. The city has a population of approximately 28,000 people and is known for its historic downtown area, which features a variety of shops, restaurants, and cultural attractions. The city is also home to Shenandoah University, a private liberal arts university with approximately 4,000 students.

The buyer and seller of the property have not been identified, and it is unclear what plans the new owner has for the property. However, given the strong demand for multifamily properties in the current market, it is likely that the property will continue to be used as a rental property.

Multifamily properties have been in high demand in recent years, as low interest rates and a shortage of affordable housing have driven up demand for rental properties. According to a report from the National Multifamily Housing Council, the demand for rental housing is expected to remain strong in the coming years, with an estimated 4.6 million new rental households expected to be formed by 2030.

The brokers involved in the deal, Nick Murray, Marty Zupancic, Eric Jentoft-Herr, and Dennis Cravedi, are all experienced commercial real estate brokers with a track record of successful transactions. Nick Murray is a Senior Vice President at CBRE, where he specializes in multifamily properties. Marty Zupancic is a Senior Vice President at JLL, where he focuses on investment sales. Eric Jentoft-Herr is a Vice President at Newmark Knight Frank, where he specializes in multifamily properties. Dennis Cravedi is a Senior Vice President at Cushman & Wakefield, where he focuses on investment sales.

Overall, the sale of 2237 Taft Circle for $24 million is a strong indication of the continued demand for multifamily properties in the current market. With interest rates expected to remain low and demand for rental housing expected to remain strong, it is likely that we will continue to see strong demand for multifamily properties in the coming years.