ARLINGTON, VA–Plano, Texas-based Monogram Residential Trust has acquired The Latitude as part of a 10301 exchange. The gross contract purchase price was $143 million, according to the REIT's earnings report for Q1.
That would be $539,623 per unit for the 265-unit mid-rise apartment building.
The seller is Penrose Group, which developed the 12-story complex next to the Virginia Square Metro.
The last time the building traded was in April 2014 for $10 million. It was a 14,959-square foot office building back then, purchased with an eye for demolition and then redevelopment into an apartment building. Today the property is about 20% leased.
ARLINGTON, VA–Plano, Texas-based Monogram Residential Trust has acquired The Latitude as part of a 10301 exchange. The gross contract purchase price was $143 million, according to the REIT's earnings report for Q1.
That would be $539,623 per unit for the 265-unit mid-rise apartment building.
The seller is Penrose Group, which developed the 12-story complex next to the
The last time the building traded was in April 2014 for $10 million. It was a 14,959-square foot office building back then, purchased with an eye for demolition and then redevelopment into an apartment building. Today the property is about 20% leased.
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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.
