In sync with its strategy to add value to its portfolio, Washington Real Estate Investment Trust WRE recently acquired an apartment community named The Wellington for $167 million. The property, located at 1850 Columbia Pike in Arlington, VA, comprises 711 units. The Washington D.C.-based real estate investment trust (“REIT”) plans to develop around 360 additional units on the site.
Notably, at present, the property is 97% occupied and located ideally on the eastern end of Columbia Pike. Further, retail amenities and restaurants are situated minutes away from the property, which also stands near Interstate-395, Route 50, the GW Parkway and Washington Blvd, providing quick access to The Pentagon, Crystal City and Downtown DC.
Washington REIT is a leading commercial and multifamily REIT. It owns income-producing real estate properties located principally in the Greater Washington-Baltimore Region. The latest acquisition forms part of the company’s strategy to enhance the quality and scale of its multifamily portfolio. This acquisition will also open up opportunities for higher rental growth as well as development of Class A apartment building.
Washington Real Estate currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry may consider stocks like Arbor Realty Trust Inc. ABR, Strategic Hotels & Resorts, Inc. BEE and CareTrust REIT, Inc. CTRE. While both Arbor Realty Trust and Strategic Hotels & Resorts sport a Zacks Rank #1 (Strong Buy), CareTrust REIT holds a Zacks Rank #2 (Buy).
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