Real estate investment trust UDR recently announced it made a joint purchase of a Washington, D.C. apartment property for $154 million.
The purchase of 1301 Thomas Circle was completed with the commercial real estate financing aid of Kuwait Finance House, the report noted. The location is close to the White House, and within walking distance of the 14th Street Corridor.
The building is 10 stories, and was built in 2006, according to the release. It is equipped with a parking garage with more than 250 spaces, as well as a gym, a courtyard and a rooftop pool. Currently, the building is 94 percent occupied, and is located near both the McPherson and Mt. Vernon Square.
The partnership between UDR and KFH began in 2009, and the two organizations have spent more than $280 million in the Washington, D.C. area, the release added. With this purchase, the two organizations have close to $170 million left to invest together. There are more than 5,900 apartments in the company's possession at the moment in the aforementioned area.