Washington Real Estate Investment Trust has paid $244.8 million for the acquisition of the Riverside Apartments in Alexandria, VA. There’s potential to add to the current total of the 1,222 units, which sold for an average of $200,327 each. The three 15-story buildings are 98 percent leased and are located on a 28 acre site at 5860 Cameron Run Terrace. Amenities include a clubhouse with a leasing center and management office, two- story fitness center, exercise studio, social room, outdoor pool with lap pool and an outdoor theater.
Washington REIT owns 55 properties totaling approximately 7 million sqf of commercial space, 4,480 residential units, and development land bank. Its holdings include 14 multifamily properties.
“Our research identified Riverside Apartments to be well located in a submarket with strong employment drivers and limited supply,” noted Washington REIT president and CEO Paul T. McDermott. He adds that the asset provides the company with an opportunity to renovate about 850 units to generate rental growth, and the potential to develop additional units.
