Denver apartment REIT makes big D.C.-area moves

A Denver-based real estate investment trust is making big moves in Greater Washington.

Apartment Income REIT Corp. (NYSE: AIRC) has acquired four D.C.-area apartment complexes totaling about 1,400 units in a portfolio deal that also includes two developable parcels.

AIR, which was formed in December 2020 as a publicly traded spinoff from Apartment Investment Management Co., or Aimco, paid a combined $510 million for apartments in Chevy Chase, the Alexandria section of Fairfax County, Bethesda and Cathedral Heights in D.C., it announced in its third-quarter earnings release.

The acquisitions with affiliates of Capital Properties also included two vacant parcels adjacent to the Residences at Capital Crescent Trail in Bethesda that could be developed with up to 498 more units, AIR said. The REIT expects to sell or lease those parcels to a third-party developer.

Per its portfolio, including the recent acquisitions, AIR currently owns eights properties in Northern Virginia, two in D.C.…

Read the full story from the Washington Business Journal.

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