Rithm Capital Corp., American Real Estate Partners (AREP) and GreenBarn Investment Group have partnered to acquire a luxury 200-unit subdivision of townhomes in Ashburn, Va., from Dream Finders Homes for $120 million.
Launching as CityHouse Ashburn Station, the community is prime for individuals and families who are renters by choice, seeking a single-family home lifestyle, and as an alternative to the for-sale market.
AREP and GreenBarn are co-general partners for the project. Rithm is providing equity capital, in part through its strategic partnership with GreenBarn, and providing debt financing through its subsidiary Genesis. Phase one of CityHouse Ashburn Station will be available to rent in mid-August. The team will deliver the remaining phases over the next 15 months.
"With this acquisition, our partnership is taking an opportunistic investment approach to redefine and elevate the BTR sector, one that encapsulates AREP's signature strategy of creating trul