Three Big DMV Multifamily Deals Combine for Nearly $450M to End 2024

Multifamily investment near Washington, D.C., spiked before the end of 2024 with three property sales in December that together combined for nearly $450 million, according to the Berkadia team that arranged the deals.

Berkadia’s Brian Crivella, Bill Gribbin and Yalda Ghamarian brokered the three sales, two of which were in Northern Virginia and the third in Bethesda, Md. 

A subsidiary of Chicago-based Mesirow Financial paid $175.1 million to the Hanover Company for the 412-unit Hanover Tysons, at 1500 Westbranch Drive in Tysons, according to property records. In a second deal, Pembroke paid $158.3 million to Trammell Crow Residential and the Shooshan Company for Fitzroy at 3275 Washington Boulevard in Arlington. In the final deal, Denver-based Griffis Residential spent $115.3 million on the 229-unit Maizon Bethesda at 4900 Moorhead Drive from developer Zom Living, per property records. Griffis subsequently rebranded the property as Griffis Edgemoor.

The sales accounted for about 25 percent of Crivella’s teams’ $2 billion in deal volume throughout 2024, according to the Business Journals, which first reported the news. 

Representatives for Mesirow, Griffis and Crivella did not immediately respond to a request for comment. 

Despite the eye-popping price tag, Mesirow’s $175.1 million purchase still doesn’t surpass two other massive multifamily sales in Northern Virginia this past year. Those deals were Bridge Investment Group’s $250 million buy of the 806-unit Dulles Green complex in Herndon from Harbor Group International in October, and Abacus Capital Group’s $207 million purchase of the 631-unit Residences at Springfield Station in Springfield from Waterton in August. 

Nick Trombola can be reached at ntrombola@commercialobserver.com.