Washington REIT Buys Large Arlington Multifamily, Plans to Expand
Washington REIT has purchased The Wellington Apartments in Arlington, a three-building, 711-unit complex that's undergone a major renovation the last four years. Washington REIT is in the middle of an aggressive value-add push, and The Wellington is a part of that strategy; the complex has the available land and approved density to build a new, 360-unit apartment building. And that's exactly what they plan to do, we're told. The Wellington is on the eastern end of Columbia Pike, walking distance to the Pentagon and the Air Force Memorial. Washington REIT paid $167M to Bainbridge for the 97% occupied buildings after Bainbridge put in a rooftop fitness center and upgraded its common areas and lobbies. Although the Columbia Pike streetcar project has been canned, the form-based code in the corridor is still in place, making future development go through a much quicker, cheaper approval process.