205 Century Place in Alexandria
WASHINGTON, DC—WashREIT has closed on the first tranche of its previously announced acquisition of a 2,113 unit multifamily portfolio for $461 million. The entire portfolio consists of seven suburban Class B apartment communities in Northern Virginia and Montgomery County, MD.
In this first tranche, the REIT has closed on five garden-style multifamily assets located in Northern Virginia consisting of 1,685 units for $379.1 million. They include: 205 Century Place, Alexandria, VA; 13690 Legacy Circle, Herndon, VA; 2511 Farmcrest Drive, Herndon, VA; 10519 Lariat Lane, Manassas, VA and 86 Heritage Way, NE, Leesburg, VA.
Overall the REIT is growing its Northern Virginia multifamily portfolio by 53%, according to CEO Paul T. McDermott. It now owns a total of 4,861 multifamily units in Northern Virginia and total of 5,953 units in the Washington Metro region overall.
WashREIT expects to close the second tranche of the acquisition—428 units across two apartment communities in Montgomery County, MD—during the second quarter of 2019 for $81.9 million.
The company plans to match fund both tranches of the $461 million value-add multifamily acquisition through the sale of certain assets. In the interim, WashREIT entered a $450 million unsecured term loan facility maturing in October 2019.
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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.
