Following a year where nearly 13,000 units were delivered, the Washington D.C. metro entered 2016 with a multifamily vacancy rate hovering just above 4 percent, with some submarkets below that figure. For developers that will deliver units this year, an estimated 12,000 according to Marcus & Millichap, these rates are no doubt good news and a sign that recently completed rentals should be absorbed. Counting on this absorption and future demand in 2017 and 2018 are a consortium of developers that will break ground on multifamily projects this year. Multifamily development in DC's northwest neighborhoods Near Adams Morgan and the U Street Corridor, Mill Creek Residential Trust will begin the conversion of the former Italian Embassy into luxury Washington, D.C. apartments. The developer purchased the building last June and plans to construct an additional nine-story high rise next to the renovated embassy. Aria Development Group is planning a six-story apartment in Northwest ...
- Northwest D.C. will see it's share of multifamily project starts in 2016.
- The H Street/NoMa market may be avoided by developers.
- Large waves of annual multifamily deliveries have been for the most part absorbed.