ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in the Northern Virginia city of Ashburn, approximately 30 miles west of Washington, D.C. Dream Finders Homes sold the property to the partnership for $120 million. The site is approved for the construction of 200 build-to-rent homes. The community will be called CityHouse Ashburn Station.
According to the property website, CityHouse Ashburn Station will offer three-bedroom units with an average size of 2,000 square feet. Amenities will include sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Pre-leasing for the first phase of the project is currently underway, and the development team expects to fully complete the community within the next 15 months.
Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project.