Source: Washington REIT / #Apartments #Multifamily
ALEXANDRIA, VA - Washington REIT closed the previously announced acquisition of Riverside Apartments, an apartment community in Alexandria, VA, consisting of 1,222 units and potential onsite density to develop additional units, for $244.8 million.
The currently 98% leased Riverside Apartments is located half a mile from Metro, near the intersection of Route 1 and the Capital Beltway, in the heart of the dynamic Huntington Metro market. The market anchors the North end of the Fort Belvoir-Carlyle employment corridor where new employers such as The National Science Foundation and MGM National Harbor are expected to create rapid job growth within three miles of the property over the next 18 months.
"Similar to The Wellington, this research-led acquisition demonstrates our disciplined capital allocation through the purchase of value-add, urban-infill multifamily assets with strong income growth potential at a significant discount to replacement cost," said Paul T. McDermott, President and Chief Executive Officer of Washington REIT. "Our research identified Riverside Apartments to be well-located in a submarket with strong employment drivers and limited supply. The asset provides us with a compelling opportunity to renovate approximately 850 units to generate rental growth, and the potential opportunity to develop additional units onsite, thereby offering multiple price points in a submarket with a strong population of renters."
Comprised of three 15-story concrete buildings on approximately 28 acres, Riverside Apartments features a clubhouse with a leasing center and management office, two story fitness center, large exercise studio, social room, outdoor pool with lap pool and an outdoor theater.
Washington REIT is a self-administered, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. Washington REIT owns a diversified portfolio of 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, and land held for development.