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News Breaks
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November 30, 2011
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| 16:13 EDT |  | WRE |
| theflyonthewall.com: | Washington REIT announces joint venture to develop apartment community in VA | | Washington Real Estate Investment Trust has entered into a joint venture with Trammell Crow Company to develop a 15-story, 270 unit high-rise apartment community in Alexandria, Virginia. The joint venture recently purchased the proposed development site, a one-acre parcel located at the northwest quadrant of the intersection of First and Fayette Streets in Old Town Alexandria, Virginia. The project is within walking distance of the Braddock Road Metro Station and is in close proximity to Braddock Metro Center, the 345,000 square foot office campus purchased by WRIT in September. The total cost of the project is estimated to be $95.0M, with a projected stabilized return on cost between 7.0%-8.0%. WRIT is the equity partner and will contribute 95% of the required equity, and Trammell Crow will be sponsor/developer and will contribute 5% of the required equity. Construction is expected to commence in 4Q12 and will take approximately 24 months to complete. Stabilization is estimated by 1Q16. :theflyonthewall.com |
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May 18, 2012
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| 08:25 EDT | | WRE |
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