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Archstone Multifamily Portfolio On Block

WASHINGTON, DC-The portfolio, whose asking price is rumored to be $295 million, consists of 858 units along some of the city's most prestigious neighborhoods.

By Erika Morphy | Updated on February 22, 2008

WASHINGTON, DC-An 858-unit multifamily portfolio has come to market in the District. According to marketing materials sent out by Cushman & Wakefield Apartment Brokerage Services, which has been retained to broker the assets, Archstone is putting on the block several apartment buildings located in the Woodley Park, Cleveland Park and Dupont Circle neighborhoods.

An industry source tells GlobeSt.com that the ‘whisper’ asking price for the portfolio is $295 million. Archstone declined to comment citing “corporate policy of not discussing its portfolio unless a sale is completed.” C&W also declined to comment.

Consisting of class A and class B buildings, there is a value-add upside to some of the assets in the portfolio, according to the bid sheet. For instance, “significant upside potential exists to complete unit upgrades at 2501 Porter St., where ongoing renovations have yielded increases of $250 per unit,” it said.

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