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Washington REIT Uses Recent Retail Sale for Wellington's 1031 Exchange

WASHINGTON, DC—The REIT sold Montgomery Village Center, a 197,000-square foot shopping center in Montgomery Village for $27.8 million in December of 2015.

By Erika Morphy | erikamorphy | Updated on February 24, 2016

The Wellington The Wellington

WASHINGTON, DC—Washington REIT acquired The Wellington last July for $167 million.  By many measures, it was a great value-add find for the REIT: The Arlington, VA-based 711-unit property also came with on-site density to develop approximately 360 additional units, or as CEO Paul T. McDermott has said — a five-story, Class A apartment building. In addition, Washington REIT can renovate about 680 of the units to a mid-teen return, which beats the average return on renovations.

Washington REIT says in its recent earnings report that it financed its acquisition via a 1031 Exchange. Last year it sold Munson Hill Towers, a 258,000 square foot high-rise multifamily in Falls Church, VA., for $57.1 million and in December of 2015, it sold Montgomery Village Center, a 197,000 square foot , shopping center in Montgomery Village, MD, for $27.8 million.

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