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Washington REIT Closes Riverside Apartments Acquisition
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Washington REIT disclosed the completion of the previously announced Riverside Apartments acquisition in Alexandria, VA for $244.8 million. This apartment community already has 1,222 units and there is the scope to develop additional units onsite.
Riverside Apartments comprises three 15-story buildings on around 28 acres. Aside from a clubhouse, the property has a two-story fitness center, exercise studio, social room, outdoor pool with lap pool as well as an outdoor theater.
This acquisition seems a strategic fit given the strong potential of the asset to generate income. It is situated half a mile from the Huntington Metro station, close to the intersection of Route 1 and the Capital Beltway, in the center of the growing Huntington Metro market. The property is already 98% leased. Moreover, there is a scope for renovation of around 850 units for generation of rental income.
Being positioned in a market that anchors the North end of the Fort Belvoir-Carlyle employment corridor, there is a likelihood of continued solid demand for the property. This is because, over the next 18 months, new employers in the region like The National Science Foundation and MGM National Harbor are estimated to stimulate job growth within three miles of the property, the company said.
Notably, Washington REIT has a diversified portfolio of 55 properties, which include 25 office properties, 16 retail centers and 14 multifamily properties. The assets comprise around 7 million square feet of commercial space and 4,480 residential units as well as land held for development.
However, currently, Washington REIT has a Zacks Rank #4 (Sell). Investors interested in the REIT industry can consider better-placed stocks like DCT Industrial Trust Inc. , PS Business Parks Inc. and Whitestone REIT (WSR - Free Report) . Each of these stocks have a Zacks Rank #2 (Buy).
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Washington REIT Closes Riverside Apartments Acquisition
Washington REIT disclosed the completion of the previously announced Riverside Apartments acquisition in Alexandria, VA for $244.8 million. This apartment community already has 1,222 units and there is the scope to develop additional units onsite.
Riverside Apartments comprises three 15-story buildings on around 28 acres. Aside from a clubhouse, the property has a two-story fitness center, exercise studio, social room, outdoor pool with lap pool as well as an outdoor theater.
This acquisition seems a strategic fit given the strong potential of the asset to generate income. It is situated half a mile from the Huntington Metro station, close to the intersection of Route 1 and the Capital Beltway, in the center of the growing Huntington Metro market. The property is already 98% leased. Moreover, there is a scope for renovation of around 850 units for generation of rental income.
Being positioned in a market that anchors the North end of the Fort Belvoir-Carlyle employment corridor, there is a likelihood of continued solid demand for the property. This is because, over the next 18 months, new employers in the region like The National Science Foundation and MGM National Harbor are estimated to stimulate job growth within three miles of the property, the company said.
Notably, Washington REIT has a diversified portfolio of 55 properties, which include 25 office properties, 16 retail centers and 14 multifamily properties. The assets comprise around 7 million square feet of commercial space and 4,480 residential units as well as land held for development.
However, currently, Washington REIT has a Zacks Rank #4 (Sell). Investors interested in the REIT industry can consider better-placed stocks like DCT Industrial Trust Inc. , PS Business Parks Inc. and Whitestone REIT (WSR - Free Report) . Each of these stocks have a Zacks Rank #2 (Buy).
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>