Equity Residential appears to have a $119 million contract on The Ellington.
WASHINGTON, DC—Maybe Equity Residential is not so bearish on the multifamily market after all. A source tells GlobeSt.com that the Chicago-based REIT has a contract pending on The Ellington, a 190-unit apartment building at 1301 U St., NW. The contracted purchase price is $119 million or $626,316 per unit. A spokesperson for Equity Residential told GlobeSt.com that it doesn't comment on rumors.
The current owner and seller of the apartment building is TIAA-CREF, which acquired it in 2011 for $100 million. The building also has about 17,000-square feet of retail, 90% of which is occupied. The apartments are about 94% occupied.
Separately, outside from our source, Commercial Real Estate Direct, reported the same transaction was in the works.
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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.
