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May 23, 2016 Comments Off on Washington REIT Closes on $245M VA Multifamily Buy Views: 395 California News, National News, Northeast, Southeast, Virginia, Washington, D.C.

Washington REIT Closes on $245M VA Multifamily Buy

Washington Real Estate Investment Trust closed on its acquisition with Apartment Investment and Management Co. (AIMCO) for the 1,222-unit Riverside Apartments in Alexandria, VA. The DC buyer paid $244.8 million for the property, which includes room for additional units. The 98%-occupied Riverside Apartments is on 27 acres at 5860 Cameron Run Terrace.

“Our research identified Riverside Apartments to be well-located in a submarket with strong employment drivers and limited supply,” said Paul T. McDermott, Washington REIT’s president and CEO. “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.”

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