Washington REIT completes acquisition of Maryland tranche
WashREIT has closed the previously announced acquisition of two garden-style multifamily assets located in Montgomery County, Maryland consisting of 428 units for $82 million. These two properties represent the second tranche of WashREIT's value-add multifamily portfolio acquisition, branded 'Assembly.' The entire Assembly portfolio consists of 2,113 units across seven apartment communities in Northern Virginia and Montgomery County, Maryland. "We are executing our 2019 strategic capital allocation plan on schedule and making steady progress toward achieving our strategic objectives of de-risking our portfolio and strengthening its cash flows," said Paul McDermott, President and CEO of WashREIT. "Today's transaction completes the acquisition of the Assembly portfolio, which we believe will enable WashREIT to further capitalize on robust regional demand for value-oriented rental housing and to continue to create long-term value for our shareholders."