Washington Real Estate Investment Trust, a leading owner of commercial and multifamily properties in the Washington, DC area, announced that it has acquired The Paramount, an apartment building with 135 units and 3,600 square feet of retail space.
The building is located in Arlington, Virginia and was purchased for $48.2m in an all cash transaction. The purchase price values the units at approximately $345,000 per unit, based on an average unit size of 1,015 square feet. The capitalization rate for the transaction is estimated to be 5.2 percent.
The Paramount is a seventeen-story building with a two-level below grade parking garage, located at 1425 South Eads Street and is within walking distance to both the Crystal City and Pentagon City Metro Stations (Blue and Yellow Lines). The property was built in 1984 and is 94 percent occupied.
