WASHINGTON, DC–Washington REIT has sold the Walker House, a 212-unit mid rise apartment building in Gaithersburg, Md., to Urban Investment Partners for $31.8 million, after owning it for twenty-one years. CBRE represented the REIT in the transaction and Capital One provided the financing.
Walker House is a fully occupied community of 196 rental apartments originally built in 1971, plus 16 garden apartments added in 2003, that is located off Route 355 on Walkers Choice Road along the I-270 corridor.
UIP is planning to make modest improvements for the older apartments and some of the common areas.
According to UIP Principal Steve Schwat this is the company's first acquisition in Montgomery County, and it is “actively looking for additional opportunities” in the District's close-in suburbs.
In March UIP acquired two properties in Adams Morgan for a total of $3.2 million — 1752 and 1762 Columbia Rd. Last summer it acquired a core-and-shell building that was once a student dorm for George Washington University, paying the university $36 million, with plans to redevelop it into a multifamily property.
As for Washington REIT, it has another sale in the pipeline: in its quarterly earnings statement it reported that it has signed a letter of intent to sell Braddock Metro Center, a 356,000 office asset in Alexandria, VA.
WASHINGTON, DC–Washington REIT has sold the Walker House, a 212-unit mid rise apartment building in Gaithersburg, Md., to Urban Investment Partners for $31.8 million, after owning it for twenty-one years. CBRE represented the REIT in the transaction and
Walker House is a fully occupied community of 196 rental apartments originally built in 1971, plus 16 garden apartments added in 2003, that is located off Route 355 on Walkers Choice Road along the I-270 corridor.
UIP is planning to make modest improvements for the older apartments and some of the common areas.
According to UIP Principal Steve Schwat this is the company's first acquisition in Montgomery County, and it is “actively looking for additional opportunities” in the District's close-in suburbs.
In March UIP acquired two properties in Adams Morgan for a total of $3.2 million — 1752 and 1762 Columbia Rd. Last summer it acquired a core-and-shell building that was once a student dorm for
As for Washington REIT, it has another sale in the pipeline: in its quarterly earnings statement it reported that it has signed a letter of intent to sell Braddock Metro Center, a 356,000 office asset in Alexandria, VA.
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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.
