AREP JV Pays $120M for Northern Virginia SFR Community
The 200-unit property is set to expand over the next few months.
A partnership between Rithm Capital Corp., American Real Estate Partners and GreenBarn Investment Group has acquired and launched CityHouse Ashburn Station, a 200-unit subdivision of SFR townhomes in Ashburn, Va. Dream Finders Homes sold the asset for $120 million, with phase one available for rent starting this month.
The remaining phases of the community are scheduled for completion over the next 15 months, and comprise 26 parcels acquired for $14.8 million, Loudoun County records show.
Rithm, through its strategic partnership with GreenBarn, has provided equity capital for the sale. Additionally, the asset manager has also provided an $86.4 million acquisition and construction loan through its subsidiary, Genesis Capital. Bozzuto will oversee management and leasing operations for the community.
Close to Northern Virginia’s employment hubs
Located at 43809 Anhinga Terrace, CityHouse Ashburn Station is within a mile of several dining and retail options, including The Home Depot, 7 Eleven and Giant Food. The property is also a mile away from State Route 267, connecting it to Washington, D.C., and all the employers in the Northern Virginia tech and innovation hub.
The luxury community comprises three-bedroom townhome units averaging 2,000 square feet, with attached garages, island kitchens, smart home features, private balconies and in-unit laundry facilities. Amenities at the pet-friendly community include outdoor green spaces, indoor and outdoor entertainment areas, rooftop terraces with fireplaces, sports courts and walking trails.
CityHouse Ashburn Station is AREP’s second multifamily investment project in the past 12 months. The company is also working on the redevelopment of a 200,000-square-foot office condominium into a 200-unit community in Alexandria, Va.