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WashREIT Acquiring Value-Add D.C. Metro MF Portfolio for $461M
WashREIT is buying a 2,113-unit multifamily portfolio for roughly $461 million in a deal expected to close in Q2 2019. The 95%-occupied portfolio consists of seven suburban Class B apartment communities in northern Virginia and Montgomery County, MD.
WashREIT’s Paul McDermott says, “We are expanding our multifamily portfolio to serve the fast-growing cohort of renters – aging millennials – who can’t afford home ownership or urban infill rents and are drawn to well-located, Class B suburban multifamily with its larger living spaces and excellent community services.”
The multifamily portfolio consists of garden-style apartments located at
– 205 Century Pl., Alexandria, VA (Pictured);
– 13690 Legacy Circle, Herndon, VA;
– 2511 Farmcrest Dr., Herndon, VA;
– 10519 Lariat Lane, Manassas, VA;
– 86 Heritage Way, NE, Leesburg, VA;
– 2 Observation Ct., Germantown, MD;
– 99 Watkins Mill Rd., Gaithersburg, MD
The company plans to sell select commercial assets to fund the acquisition.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
