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Stock Market & Financial Investment News

News Breaks
February 25, 2014
08:33 EDTWREWashington REIT acquires apartment building in Mount Vernon Triangle for $73M
Washington Real Estate Investment Trust announced it has acquired Yale West, a Class A, 216 unit apartment building in the Mount Vernon Triangle neighborhood of Washington, D.C. for $73M. The purchase price values the units at approximately $338,000 per unit, based on an average unit size of 800 square feet. WRIT assumed a $48.2M 5.55% mortgage maturing on January 1, 2052 with optional prepayment ability beginning January 1, 2015. The balance of the purchase price was funded with available proceeds from the recent medical office portfolio sale.
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