Washington REIT Bags Trophy in Arlington
- Jul 06, 2015
Washington Real Estate Investment Trust continues its hunt for D.C.-area properties. The REIT’s latest acquisition is a large apartment community in Arlington.
Washington REIT is now the owner of The Wellington. It paid $167 million for the apartment community, which it purchased from The Bainbridge Cos. According to PropertyShark, the Florida-based company acquired The Wellington in 2007 for $125 million.
The apartment community is located on the eastern end of Columbia Pike, close to restaurants, retail, Interstate-395, Route 50, the GW Parkway and Washington Boulevard. It was constructed in 1960 on a 14.4-acre site. The Wellington’s common areas, lobbies and facades were last upgraded in 2011, when the community also added a rooftop fitness center. It also features 712 parking spaces. According to the new owner, in addition to its existing 711 studio, one-, two- and three-bedroom units, the site allows for the construction of 360 more apartments. The Wellington was 97 percent occupied at the time of the sale.
Paul McDermott, president & CEO of Washington REIT, said in a statement that the acquisition of The Wellington is consistent with his company’s value-add strategy. ”The Wellington provides a compelling opportunity to renovate over 680 units to generate rental growth, and the further opportunity to develop a five-story Class A apartment building on site.”
Photo credit: Washington REIT