WRIT Acquires DC Class A Apartments
- Feb 27, 2014
Washington, D.C.—Washington Real Estate Investment Trust has acquired Yale West, a Class A 216-unit apartment building in the Mount Vernon Triangle neighborhood of Washington, D.C. for $73 million.
“This asset aligns well with our stated residential strategy to purchase newer properties in dense, infill locations with strong demographics,” Paul T. McDermott, WRIT’s president and CEO, says. “The transaction exemplifies what our investors should expect from us—creative and dynamic executions that will distinguish us in this competitive marketplace.”
Located at 443 New York Ave., NW in the District’s East End, Yale West is a 12-story building with a three-level parking garage and sits just two blocks from the Washington D.C. Convention Center metro stop. It is also in close proximity to the amenity rich East End, Central Business District and Capitol Hill workplaces.
WRIT assumed a $48.2 million 5.55 percent mortgage maturing on Jan. 1, 2052 with optional prepayment ability beginning Jan. 1, 2015. The balance of the purchase price was funded with available proceeds from a recent medical office portfolio sale.
Yale West offers studios, one- and two-bedroom units. Amenities include a 24-hour fitness center, a resident’s lounge, a secured courtyard with seating and green space, and 24-hour concierge service. The property also offers a rooftop complete with a saltwater pool and lounge area.
Yale West is currently 91 percent occupied.
WRIT owns a diversified portfolio of 52 properties totaling approximately seven million square feet of commercial space and 2,890 residential units, and land held for development. WRIT shares are publicly traded on the New York Stock Exchange.