AREP, partners acquire Ashburn townhome community
Sale price of $120M for luxury townhomes
CityHouse Ashburn Station, a 200-unit luxury townhome community in Loudoun County, has sold for $120 million.
New York-based Rithm Capital, McLean-based American Real Estate Partners and New Jersey-based GreenBarn Investment Group closed the purchase from Dream Finders Homes on Monday.
AREP and GreenBarn are co-general partners for the project. Rithm is providing equity capital, in part through its partnership with GreenBarn, and providing debt financing through its Genesis subsidiary.
Phase one of CityHouse Ashburn Station will be available to rent in mid-August. The team will deliver the remaining phases over the next 15 months.
“With this acquisition, our partnership is taking an opportunistic investment approach to redefine and elevate the [build-to-rent] sector, one that encapsulates AREP’s signature strategy of creating truly unique properties in vibrant and emerging locations and our agility to invest in high-impact niches of the real estate market,” Brian Katz, AREP co-founder and president, said in a statement.
CityHouse Ashburn Station is located near the Silver Line’s Ashburn Station Metro stop. Unit sizes will average 2,000 square feet and offer attached garages, large island kitchens, full-size side-by-side washer and dryers and smart home functionality with resident amenities including sports courts, communal outdoor green spaces, pet-friendly facilities and indoor/outdoor entertainment areas.