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Acadia Realty Increases Stake in Georgetown Renaissance Portfolio

WASHINGTON, DC—The REIT acquired a 20% interest in 17 additional buildings from EastBanc.

By Erika Morphy | erikamorphy | | Updated on August 03, 2016
Georgetown Renaissance portfolio. Photo by EastBanc Georgetown Renaissance portfolio. Photo by EastBanc

WASHINGTON, DC—White Plains, NY-based Acadia Realty has expanded its footprint in Georgetown by acquiring a 20% interest in the Georgetown Renaissance portfolio.

The portfolio is an approximate 300,000 square foot retail portfolio consisting of 17 properties in Georgetown and one in Alexandria, Va. It is co-owned by EastBanc and the Atlanta-based Jamestown, which acquired a 75% stake in the portfolio in 2011, according to Jamestown.

The companies’ financial relationships are complicated. * Acadia Realty  co-owns seven separate properties with EastBanc in Georgetown, a Jamestown spokesperson told GlobeSt.com.  Acadia also provided EastBanc with the capital to purchase a piece of Jamestown’s interest in the Georgetown Renaissance portfolio, reducing Jamestown’s stake to 48%, where it remains today, from the initial 75%, the spokesperson said.

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