Croatan Investments makes first investment in Washington, D.C.

Croatan Investments 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. The financial terms and seller were not disclosed.

Built in 2009, Midtown at Camp Springs’ current occupancy rate is 96 percent. In addition to value-add renovations that will modernize the asset’s interiors and common areas, Greystar, which has an extensive presence in the Washington, D.C., market, will serve as the third-party property manager and bring efficiencies with the operations of the asset.

“We are forecasting strong market rent growth in the D.C. 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 Paul Van, CEO of Croatan. “With a cost basis that is well-below replacement cost in a municipality with a historically difficult approval process fo