Associated Estates buys multi-family housing complex in Virginia for $90 million
Associated Estates Realty Corp. (AEC) completed the purchase of a multi-family housing complex in Ashburn, Va., earlier this week for $90 million. The real estate investment trust funded the acquisition with cash and an unsecured line of credit. Rent at the 504-unit complex, The Ashborough, averages $1,322 a month, and the property is currently 97.4% occupied. Associated Estates completed another multi-family housing deal in May, acquiring the Riverside Station Apartments in Woodbridge, Va. That deal cost about $54 million, or $179,000 per unit, which is similar to the ratio in the Ashburn deal. Jeremy Goldberg, a representative of Associated Estates, told HousingWire the acquisitions in Virginia are "part of our continued effort to diversify and further our presence in higher-growth markets." Associated Estates, based in Richmond Heights, Ohio, has a portfolio of 51 properties with 13,234 total units in eight states. Write to Christine Ricciardi.