WASHINGTON, DC—A source tells GlobeSt.com that Charleston, SC-based Greystar Real Estate Partners has found a buyer for its 308-unit apartment at the Fort Totten metro stop in the District – the Aventine Fort Totten. The property is selling for $81.2 million, or $263,636 or so per unit, according to the source. Greystar owns the property, which is located at 5210 3rd St., NE, with Rockwood Capital.
The buyer is a foreign pension fund.
The Aventine Fort Totten is a three-building complex that is 96% occupied.
Greystar acquired it for $55 million in March 2011.
Greystar is in disposition mode, it seems. If this sale goes through, it will follow the sale of a 32-multifamily property portfolio to Blackstone Real Estate Partners VIII in December of 2015 for $2 billion.
Not that the company is exiting the cycle. In November of 2015 it was reported that Greystar was raising capital for what would be its largest value-add multifamily fund, Greystar Equity Partners IX. It is seeking to raise up to $1 billion, according to published reports.
Greystar was unable to immediately return a call to GlobeSt.com.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
