WASHINGTON, DC-When Washington Real Estate Investment Trust announced it was selling its formidable medical office portfolio last year, it also said it was doing so in order to concentrate on strategically repositioning its portfolio. Now the market is getting a sense of what the REIT has in mind: It just acquired a multifamily property in Mount Vernon Triangle for $73 million, partly funded with the proceeds from its medical office portfolio sale.
The REIT acquired Yale West, a Class A, 216-unit apartment building. The purchase price translates into $338,000 per unit, based on an average unit size of 800 square feet."This asset aligns well with our stated residential strategy to purchase newer properties in dense, infill locations with strong demographics," says Paul T. McDermott, president and CEO of WRIT, in a prepared statement.
Built in 2011, the twelve-story Yale West is located at 443 New York Ave, NW in Washington's East End
WRIT assumed a $48.2 million 5.55% mortgage maturing on January 1, 2052 with optional prepayment ability beginning January 1, 2015.
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