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Sekisui House Selling DC Apartment Complex to REIT for $279M
Japanese developer Sekisui House has agreed to sell four apartment buildings in Washington, D.C., to the company’s sponsored REIT for $279 million, according to a release.
The four residential buildings, Botanica, The Branches, The Coterie and Crescendo, are located at City Ridge, a $715-million, 1.1 million-square-foot mixed-use development with offices, retail, and multifamily apartments in the old Fannie Mae headquarters. The ten-acre property was purchased by Roadside Development and North America Sekisui House in 2016 for $85 million.
The acquisition is the trust’s second asset outside Japan in Sekisui House REIT’s portfolio, following the acquisition of a Seattle luxury apartment tower from the sponsor for $328 million. The transaction is scheduled to close in November. The two deals are aimed at achieving “proactive growth” for Sekisui House overseas and in the U.S.
