Ashburn Multifamily Trades for $90M

ASHBURN, VA-Associated Estates Realty Corp. has acquired a multifamily property here for $90.3 million, or $179,000 per unit. Called the Ashborough, the class A property has 504 units with an average rent of $1,322 per month. The property is currently 97.4% occupied. Associated Estates funded the Ashborough acquisition with cash on hand and an unsecured line of credit, which had no balance drawn on it.  

This is the second purchase the Richmond Heights, OH-based REIT has made in the DC are recently. In the spring it acquired Riverside Station in Woodbridge, VA for $54.3 million. These latest acquisitions, coupled with some properties it already owned in Baltimore, bring the total number of units it owns in Maryland and Virginia to 2,340 units across eight communities.