AREP JV Pays $120M for Northern Virginia SFR Community
A partnership between Rithm Capital Corp., American Real Estate Partners and GreenBarn Investment Group has acquired and launched CityHouse Ashburn Station.
By Olivia Bunesco
A partnership between Rithm Capital Corp., American Real Estate Partners and GreenBarn Investment Group has acquired and launched CityHouse Ashburn Station, a 200-unit subdivision of SFR townhomes in Ashburn, Va. Dream Finders Homes sold the asset for $120 million, with phase one available for rent starting this month.
The remaining phases of the community are scheduled for completion over the next 15 months, and comprise 26 parcels acquired for $14.8 million, Loudoun County records show.
Rithm, through its strategic partnership with GreenBarn, has provided equity capital for the sale. Additionally, the asset manager has also provided an $86.4 million acquisition and construction loan through its subsidiary, Genesis Capital. Bozzuto will oversee management and leasing operations for the community.
