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Access here alternative investment news about Washreit To Buy Value-add Multifamily Portfolio For $461M | Globest
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Washreit To Buy Value-add Multifamily Portfolio For $461M | Globest

by globest.com posted 1month ago 28 views
WASHINGTON, DC—WashREIT has entered into a definitive agreement to purchase a 2,113 unit multifamily portfolio for $461 million. The portfolio consists of seven suburban Class B apartment communities in northern Virginia and Montgomery County, MD. The REIT, which plans to sell certain commercial assets to fund the acquisition, is focusing on aging millennials who can’t afford home ownership or urban infill rents, according to CEO Paul McDermott. This renter cohort is drawn to well-located, Class B suburban apartments because of their larger living spaces and strong community services, he added.

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