ASHBURN, VA-Associated Estates Realty Corp. has acquired amultifamily property here for $90.3 million, or $179,000 per unit.Called the Ashborough, the class A property has 504 units with anaverage rent of $1,322 per month. The property is currently 97.4%occupied. Associated Estates funded the Ashborough acquisitionwith cash on hand and an unsecured line of credit, which had nobalance drawn on it.

This is the second purchase the Richmond Heights, OH-based REIThas made in the DC are recently. In the spring it acquiredRiverside Station in Woodbridge, VA for $54.3 million. These latestacquisitions, coupled with some properties it already owned inBaltimore, bring the total number of units it owns in Maryland andVirginia to 2,340 units across eight communities.

This acquisition, however, is likely to be the REIT’s last for2010, according to a guidance it put out earlier this year. Theguidance was between $100 million to $150 million. With these twodeals, it has effectively reached the high end of that range,Jeremy Goldberg, senior director of corporate finance, “It doesn’t mean we are not looking of course, but weare not planning any further guidance on acquisitions for theyear.”

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.