Transactions - APRIL 28, 2016

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Washington REIT sells Maryland portfolio for $240m

by Andrea Waitrovich

Washington REIT has sold six of its suburban Maryland office assets for $240 million to an affiliate of Brookfield Property Partners.

The portfolio totals approximately 1.2 million square feet. In addition, the REIT has a suburban Maryland multifamily asset that it expects to place on the market later this year.

In a separate deal, Washington REIT has acquired Riverside Apartments, a 1,222-unit apartment community in Alexandria, Va., for $244.75 million. The seller was an affiliate of Aimco.

Riverside Apartments consists of three 15-story buildings situated on 28 acres of land.

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