Washington Real Estate Investment Trust (NYSE: WRE) has acquired Cascade at Landmark, a 277-unit “high-risk Class B” apartment complex in Alexandria, for $70 million, another step toward the overhaul of its inventory. With that buy, and the recent sale of multiple Greater Washington shopping centers, WashREIT has flipped the script on its assets, leaving the risk of retail largely behind in favor of office buildings and apartment complexes, especially those not so far from Amazon.com Inc.’s second headquarters. According to WashREIT, about 60% of its multifamily units are within a 35-minute public transit commute of Amazon (NASDAQ: AMZN) HQ2. Read More...
WashREIT spent more than a half-billion dollars on apartments in three months
Washington Real Estate Investment Trust (NYSE: WRE) has acquired Cascade at Landmark, a 277-unit “high-risk Class B” apartment complex in Alexandria, for $70 million, another step toward the overhaul of its inventory. With that buy, and the recent sale of multiple Greater Washington shopping centers, WashREIT has flipped the script on its assets, leaving the risk of retail largely behind in favor of office buildings and apartment complexes, especially those not so far from Amazon.com Inc.’s second headquarters. According to WashREIT, about 60% of its multifamily units are within a 35-minute public transit commute of Amazon (NASDAQ: AMZN) HQ2.
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