Greystar Selling 308-Unit Fort Totten Property
The 308-unit apartment complex at the Fort Totten metro stop may be changing hands.
Greystar Real Estate Partners may have found a buyer for the Aventine Fort Totten. The three-building complex at 5210 3rd St NE is 96% occupied and is expected to sell for $81.2M to a foreign pension fund, GlobeSt reports.
Greystar acquired the property in March 2011 for $55M and owns it along with Rockwood Capital. Last month, Greystar sold a multifamily property portfolio for $2B to Blackstone Real Estate Partners VIII. The company is believed to be looking to raise up to $1B for Greystone Equity Partners IX, which would be its largest value-add multifamily fund to date.
In addition to having its hands full on the acquisition and disposition front, Greystar also has a large multifamily development project on tap. Greystar and RCP Development are scheduled to deliver a 13-story, 220-unit building at 82 Eye St SE in Navy Yard later this year. The building is also slated to include 5,500 SF of retail. [GS]
