Alexandria, Va.—Washington Real Estate Investment Trust has closed on its acquisition of Riverside Apartments, a sizable apartment property in Alexandria, Va. The REIT paid $244.8 million for the community, which consists of 1,222 units and has the potential to develop additional units.
The property is currently 98 percent leased. It’s comprised of three 15-story concrete buildings on about 28 acres, and features 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.
Riverside Apartments is approximately a half a mile from the Huntington Metro station and near the intersection of US 1 and the Capital Beltway. The Huntington market anchors the north end of the Fort Belvoir-Carlyle employment corridor, where new employers such as the National Science Foundation and MGM National Harbor are expected to create rapid job growth over the next 18 months.
“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.
Washington REIT is a diversified real estate company. It owns 55 properties totaling approximately 7 million square feet of commercial space and 4,480 residential units, and land held for development. The holdings include 14 multifamily properties.