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The Aventine Fort Totten Trades for $81M

WASHINGTON, DC—Ivanhoe Cambridge has acquired the 308-unit multifamily property from the Greystar JV.

By Erika Morphy | erikamorphy | | Updated on May 25, 2016
The Aventine Fort Totten The Aventine Fort Totten
WASHINGTON, DC—A source tells us that the 308-unit project at 5210 3rd St., NE, The Aventine Fort Totten, has traded after its owner, a JV between Greystar Management and Rockwood Capital put it on the market earlier this year. It sold for $81 million our source says, and the new owner is Ivanhoe Cambridge. A request for comment from Greystar was not returned in time for publication. Greystar acquired it for $55 million in March 2011. It also acquired The Warwick, a 392-unit, 19-story apartment building that borders Sligo Creek Park, around the same time. Earlier this year, Greystar sold the property to Blackstone Real Estate Partners for $89.8 million, or $229,082 per unit. Greystar is in disposition mode, it seems, although these two sales cannot touch in size and scope the massive sale it made to Blackstone in December 2015: that was its 32-multifamily property portfolio for $2 billion.

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