WashREIT Completes Purchase of Northern Virginia Tranche of Value-Add Multifamily Portfolio Acquisition
Washington Real Estate Investment Trust (WRE)
Last washington real estate investment trust earnings: 4/22 04:16 pm
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washreit.com
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Source: GlobeNewswire
WASHINGTON, April 30, 2019 (GLOBE NEWSWIRE) -- WashREIT (NYSE: WRE) has closed the previously announced acquisition of five garden-style multifamily assets located in Northern Virginia consisting of 1,685 units for $379.1 million. These five properties represent the first tranche of WashREIT’s value-add multifamily portfolio acquisition, branded ‘Assembly.’ “We are pleased to be growing our Northern Virginia multifamily portfolio by 53% at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector," said Paul T. McDermott, President and CEO of WashREIT. “We look forward to capitalizing on Northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” The completed acquisitions include: 205 Century Place, Alexandria, VA; 13690 Legacy Circle, Herndon, VA; 2511 Farmcrest Drive, Herndon, VA; 10519 Lariat Lane, Manassas, VA and 86 Heritage Way, NE, Leesburg, VA
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