Colorado’s Apartment Investment and Management Co. (Aimco) has purchased the Bent Tree apartment community in Fairfax County, Virginia, outside Washington, for $160 million.
The buy adds 748 units to the real estate investment trust’s already robust holdings in greater Washington.
The acquisition price works out to roughly $214,000 a unit.
Denver-based Aimco (NYSE: AIV) characterized the garden-style complex, 13639 Bent Tree Circle in Centreville, as Class B with average rentals of $1,500 per unit. The complex was built in 1986. Aimco said it could achieve rent growth through capital improvements, but it did not specify what those would be.
As of the end of December, Aimco reported owning 12 communities in Greater Washington with a total 5,085 units, according to its latest financial report.
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