Washington, DC

In the aggregate, the four buildings are 87.7% leased and were acquired at an average capitalization rate of 5.3%. The properties expand Healthcare Realty's presence in three of its top markets and extend its relationships with three market leading, investment-grade health systems.

The acquired properties total 813 units including independent living, assisted living and memory care in Michigan, Pennsylvania (pictured) and Virginia.

The 2,113-unit portfolio consist of seven suburban Class B apartment communities in northern Virginia and Montgomery County.

“By completing these asset sales, we are strengthening the overall quality, reducing the average age, and improving the longer-term growth profile of the portfolio,” says Steven B. Tanger, CEO of Tanger Factory Outlet Centers.

The site will offer multifamily, hotel, and in-line restaurant and retail use, in addition to a marketplace and public park.

Nelson Knight, EVP and chief investment officer of Apple Hospitality, says, “Through these attractively priced transactions, we adjusted our market exposure in ways that we feel will further enhance the strength and stability of our hospitality platform.”