Washington REIT completes acquisition of Alexandria apartments for $244 million
Washington REIT (Real Estate Investment Trust) said Monday that it has closed on a previously announced acquisition of Riverside Apartments in Alexandria. The purchase price for the 1,222-unit property with potential on-site density to develop additional units was $244.8 million.
The apartments are located about a half a mile from the Metro, near the intersection of Route 1 and the Capital Beltway, in the Huntington Metro market. According to Washington REIT, they are 98 percent leased.
The Huntington Metro market anchors the North end of the Fort Belvoir-Carlyle employment corridor where new employers such as The National Science Foundation and MGM National Harbor are expected to create rapid job growth within three miles of the property over the next 18 months.
“Our research identified Riverside Apartments to be well-located in a submarket with strong employment drivers and limited supply. The asset provides us with a compelling opportunity to renovate approximately 850 units to generate rental growth, and the potential opportunity to develop additional units onsite, thereby offering multiple price points in a submarket with a strong population of renters,” Paul T. McDermott, president and CEO of Washington REIT, said in a statement.
The community is comprised of three 15-story concrete buildings on about 28 acres. Amenities include a clubhouse, two-story fitness center, exercise studio, social room, outdoor pool and an outdoor theater.
Washington REIT is a self-administered, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. It has a portfolio of 55 properties totaling about 7 million square feet of commercial space and 4,480 residential units, and land held for development.