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Article: Washington Real Estate Investment Trust Completes Sale of Avondale Apartments for a Gain of $7 Million.
- Article from:
- Real Estate Business Journal
- Article date:
- June 6, 2009
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Washington Real Estate Investment Trust (WRIT) (NYSE:WRE) has completed the sale of Avondale Apartments for $19.75 million. The 237-unit Class B property, located in Laurel, Maryland, was acquired in 1999.
WRIT achieved a net book gain of $7 million on the sale of the property and an 11% unlevered internal rate of return during the ownership period. Drew White and Mike Marshall of Cushman and Wakefield represented WRIT in the transaction.
WRIT is a self-administered, self-managed, equity real estate investment trust investing in income-producing properties in the greater Washington metro region. WRIT owns a diversified portfolio of 92 properties ...