Washington Real Estate Investment Trust WRE has announced that The Maxwell, a ground-up multifamily development project, is presently 93% leased and stabilized. This lease-up of the 163-unit and 2,200-square foot retail space in Arlington, VA, in collaboration with Crimson Partners, marks Washington REIT’s successful execution of the ground-up development project. This will likely be accretive for the REIT’s shareholders, going forward.
The top-quality Maxwell asset is situated close to both the Ballston Metro Station and Ballston Common Mall. The dynamic urban neighborhood of Ballston and the forthcoming redevelopment at Ballston Common Mall are expected to benefit Maxwell in the near future.
Washington REIT’s business consists of income-producing real estate properties, principally in the Greater Washington-Baltimore Region. The recent lease-up of The Maxwell and the previous announced lease-ups of 1775 Eye Street and Silverline Center mark successful attainment of 3 major leasing goals in 2015. Further, these lease-ups are expected to support the REIT’s net operating income, thereby benefiting its shareholders.
Washington REIT currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT space may consider stocks like Arbor Realty Trust Inc. ABR, Getty Realty Corp. GTY and Mack-Cali Realty Corp. CLI All these stocks sport a Zacks Rank #1 (Strong Buy).
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