Washington Real Estate Investment Trust (WRIT) has acquired Yale West, a Class A, 216 unit apartment building in the Mount Vernon Triangle neighbourhood of Washington, DC for USD73m.
The purchase price values the units at approximately USD338,000 per unit, based on an average unit size of 800 square feet.
"Yale West is a newly constructed, Class A, apartment property in the vibrant Mount Vernon Triangle neighbourhood just two blocks from the Washington DC convention centre metro stop. This asset aligns well with our stated residential strategy to purchase newer properties in dense, in-fill locations with strong demographics," says Paul T McDermott, president and chief executive officer of WRIT. "The transaction exemplifies what our investors should expect from us – creative and dynamic executions that will distinguish us in this competitive marketplace."
Built in 2011, Yale West is a 12-story building with a three-level parking garage, located at 443 New York Avenue, NW in Washington's East End. The property is two blocks from the Mount Vernon Square – Convention Center Metro Station and is situated in close proximity to the amenity rich East End, Central Business District and Capitol Hill workplaces. Yale West is currently 91 per cent occupied.
WRIT assumed a USD48.2m 5.55 per cent mortgage maturing on 1 January 2052 with optional prepayment ability beginning 1 January 2015. The balance of the purchase price was funded with available proceeds from the recent medical office portfolio sale.