205 Century Place in Alexandria
WASHINGTON, DC—WashREIT has entered into a definitive agreement to purchase a 2,113 unit multifamily portfolio for $461 million. The portfolio consists of seven suburban Class B apartment communities in northern Virginia and Montgomery County, MD.
The REIT, which plans to sell certain commercial assets to fund the acquisition, is focusing on aging millennials who can't afford home ownership or urban infill rents, according to CEO Paul McDermott.
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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.
