Washington REIT Sells off Suburban Portfolio, Buys Riverside Apartments for $244M

Riverside Apartment

WASHINGTON, DC–Washington REIT has taken several giant steps forward towards its long-standing goal of selling off its suburban assets in order to focus its fire power on Washington DC’s urban core. The REIT has entered into two separate contracts with an affiliate of Brookfield Asset Management to sell six of its suburban Maryland office properties, a portfolio that totals 1.2-million-square feet, for  $240 million. It also plans to list another multifamily suburban property later this year. Finally, it is currently marketing a suburban office property to test the waters in terms of investor interest. Washington REIT is also under contract to sell a parcel of land at Dulles Station in Herndon, VA. Washington REIT is also acquiring Riverside Apartments in Alexandria, VA, for $244 million. The 1,222-unit complex, which is located in the Old Town Corridor, has onsite density to develop an additional 550 units.  The acquisition is a value-add play for Washington REIT as it plans to renovate 850 units to generate more rental growth. Riverside Apartments consists of three, 15-story buildings situated on 28 acres. The seller is Apartment Investment and Management Company (AIMCO),a Denver-based  REIT.