UDR has announced a joint venture with Kuwait Finance House (KFH) to acquire 1301 Thomas Circle in Washington, DC, a luxury apartment community within walking distance of the White House. The deal is reportedly worth $154 million.
1301 Thomas Circle is a 292-unit luxury apartment community in the Logan Circle neighborhood, which is less than a mile from the White House. It is a ten-story building with a 24-hour concierge service, 256-space parking garage, rooftop pool, fitness center, clubhouse, business center, private courtyard, and outdoor kitchen.
All apartments include high-quality appliances, large bay windows, nine-foot ceilings, and full-sized, stacked washers and dryers. The apartments average 852 square feet and have an average monthly rent of $2,740. The building is also in walking distance to UDR’s other apartment communities, namely Andover House and View 14.
KFH will contribute a 70% equity investment of $44 million, while UDR will contribute $19.2 million, a 30% equity investment. The remaining funding will come from a $90 million loan from Fannie Mae. This is the third acquisition by this joint venture, which has secured $281 million is Washington, DC real estate, a total of 660 homes.
UDR is a multifamily real estate investment trust that owns approximately 62,000 apartment homes in locations around the U.S., including California, Virginia, Florida, Oregon, Texas, and Washington. Its headquarters are in Highlands Ranch, CO.
Kuwait Finance House was the first Islamic bank established in State of Kuwait, and it specializes in Sharia’ compliant banking, which operates on a shared risk model of investment. KFH’s services include banking, investment, trade finance, and real estate.