WASHINGTON, July 1, 2015 /PRNewswire/ -- Washington REIT
(Washington Real Estate Investment Trust – NYSE: WRE) announced
that it has acquired The Wellington, an apartment community in
Arlington, VA consisting of 711
units and on-site density to develop approximately 360 additional
units, for $167 million.
The currently 97% occupied Wellington is ideally located on the eastern
end of Columbia Pike, which features walkable restaurant and retail
amenities, is proximate to Interstate-395, Route 50, the GW Parkway
and Washington Blvd. and provides easy and rapid access to The
Pentagon, Crystal City and
Downtown DC. In addition, the property runs a shuttle service to
the Pentagon City Metro station. The existing Wellington complex offers the opportunity to
add on-site density of approximately 360 units in a submarket with
limited planned new supply.
"Consistent with Washington REIT's value-add strategy, The
Wellington provides a compelling
opportunity to renovate over 680 units to generate rental growth,
and the further opportunity to develop a five-story Class A
apartment building onsite," said Paul T.
McDermott, President and Chief Executive Officer of
Washington REIT. "Our in-depth targeted research identified The
Wellington to be well-located in a
submarket with a limited supply of new product and a strong
population of renters for both Class A and Class B apartments. We
continue to improve the quality and scale of our Multifamily
portfolio both through this urban in-fill, amenity-based
acquisition, and continued dispositions of our legacy assets. We
sold Country Club Towers in March and expect to recycle additional
legacy assets in the coming months."
Since 2011, The Wellington has
upgraded common areas, lobbies, and facades and has added a rooftop
fitness center. It was built in 1960 over 14.42 acres of land and
has 712 surface parking spaces.
About Washington REIT
Washington REIT is a self-administered, self-managed, equity
real estate investment trust investing in income-producing
properties in the greater Washington metro region. Washington REIT
owns a diversified portfolio of 56 properties totaling
approximately 7 million square feet of commercial space and 3,537
residential units, and land held for development. These 56
properties consist of 25 office properties, 17 retail centers and
14 multifamily properties. Washington REIT shares are publicly
traded on the New York Stock Exchange (NYSE: WRE).
Certain statements in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown
risks, uncertainties, and other factors that may cause actual
results to differ materially. Such risks, uncertainties and other
factors include, but are not limited to, the potential for federal
government budget reductions, changes in general and local economic
and real estate market conditions, the timing and pricing of lease
transactions, the availability and cost of capital, fluctuations in
interest rates, tenants' financial conditions, levels of
competition, the effect of government regulation, the impact of
newly adopted accounting principles, and other risks and
uncertainties detailed from time to time in our filings with the
SEC, including our 2014 Form 10-K and subsequent quarterly reports
on Form 10-Q. We assume no obligation to update or supplement
forward-looking statements that become untrue because of subsequent
events.
CONTACT:
|
1775 Eye Street,
N.W., Suite 1000
|
Tejal
Engman
|
Washington, DC
20006
|
Director of Investor
Relations
|
Tel
202-774-3200
|
E-Mail:
tengman@washreit.com
|
www.washreit.com
|
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SOURCE Washington Real Estate Investment Trust