News Story
AREP and partners acquire new townhome project
AREP and its investment partners, GreenBarn Investment Group and Rithm Capital Corp have acquired the 200-unit build-to-rent subdivision of a new townhome development known as CityHouse Ashburn Station for $120 million.
By Dan Brendel
McLean-based American Real Estate Partners, or AREP, together with GreenBarn Investment Group and Rithm Capital Corp. (NYSE: RITM) bought the property from Dream Finders Homes in a deal that closed July 27.
Construction of the subdivision, about three-quarters of a mile northeast of the Ashburn Metro Station, the Silver Line's terminus, had already begun prior to the change of ownership. The first phase of homes will be available to rent this month, according to an Aug. 21 press release. AREP will deliver the rest of the homes, which will average about 2,000 square feet, over the next 15 months.
