ARLINGTON, VA–Chicago-based Waterton, a real estate investor and operator, announced it has acquired a 404-unit apartment community here: the Windsor at Shirlington Village, which the company is rebranding as The Citizen at Shirlington Village.
GlobeSt.com reported earlier this month that the complex was trading; we learned from a source that the property, which is located at 3000 S. Randolph St., was selling for $144 million, or $356,436 per unit. We were also told that the acquisition was financed with a $104 million Freddie Mac loan.
Waterton declined to comment on pricing.
The Citizen at Shirlington Village consists of 132 units in an eight-story tower and 272 in a low-rise building. The community is located within The Village at Shirlington.
The seller was GID.
Waterton plans to upgrade the unit interiors, including installing a smart-home system in a portion of the community's units. Waterton also plans to renovate the fitness center and community room and introduce an electronic package concierge system that will notify residents when deliveries arrive and facilitate 24-hour pickup.
“Because the property was developed 25 years ago, it also presented us with an opportunity to add value through strategic improvements that will enhance the marketability of the community,” Matthew Masinter, senior vice president of acquisitions at Waterton, says in a prepared statement.
The Citizen is the Waterton's fourth multifamily acquisition in 2017 and it marks the company's re-entry into the Washington DC area.
Waterton has owned property in the DC area in the past, Masinter tells GlobeSt.com, most recently in Silver Spring, Alexandria and Leesburg.
ARLINGTON, VA–Chicago-based Waterton, a real estate investor and operator, announced it has acquired a 404-unit apartment community here: the Windsor at Shirlington Village, which the company is rebranding as The Citizen at Shirlington Village.
GlobeSt.com reported earlier this month that the complex was trading; we learned from a source that the property, which is located at 3000 S. Randolph St., was selling for $144 million, or $356,436 per unit. We were also told that the acquisition was financed with a $104 million
Waterton declined to comment on pricing.
The Citizen at Shirlington Village consists of 132 units in an eight-story tower and 272 in a low-rise building. The community is located within The Village at Shirlington.
The seller was GID.
Waterton plans to upgrade the unit interiors, including installing a smart-home system in a portion of the community's units. Waterton also plans to renovate the fitness center and community room and introduce an electronic package concierge system that will notify residents when deliveries arrive and facilitate 24-hour pickup.
“Because the property was developed 25 years ago, it also presented us with an opportunity to add value through strategic improvements that will enhance the marketability of the community,” Matthew Masinter, senior vice president of acquisitions at Waterton, says in a prepared statement.
The Citizen is the Waterton's fourth multifamily acquisition in 2017 and it marks the company's re-entry into the Washington DC area.
Waterton has owned property in the DC area in the past, Masinter tells GlobeSt.com, most recently in Silver Spring, Alexandria and Leesburg.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
