Rithm Capital Corp., American Real Estate Partners, and GreenBarn Investment Group Acquire and Launch CityHouse Ashburn Station, a Luxury 200-Unit Subdivision for $120M
Genesis Capital, a Rithm subsidiary, provides $86.4M acquisition & construction loan for the build-to-rent (BTR) townhome development in the heart of Loudoun County, Virginia.
By Business Wire
ASHBURN, Va., August 21, 2023--(BUSINESS WIRE)--Rithm Capital Corp. (NYSE: RITM; "Rithm"), American Real Estate Partners ("AREP"), and GreenBarn Investment Group ("GreenBarn") announced today that they have partnered to acquire a luxury 200-unit subdivision of townhomes in Ashburn, Virginia, from Dream Finders Homes for $120 million. Launching as CityHouse Ashburn Station, the community is prime for individuals and families who are renters-by-choice, seeking a single-family home lifestyle, and as an alternative to the for-sale market.
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AREP and GreenBarn are co-general partners for the project. Rithm is providing equity capital, in part through its strategic partnership with GreenBarn, and providing debt financing through its subsidiary Genesis. Phase one of CityHouse Ashburn Station will be available to rent in mid-August. The team will deliver the remaining phases over the next 15 months.
"With this acquisition, our partnership is taking an opportunistic investment approach to redefine and elevate the BTR sector, one that encapsulates AREP's signature strategy of creating truly unique properties in vibrant and emerging locations and our agility to invest in high-impact niches of the real estate market," said Brian Katz, AREP Co-Founder & President. "This investment places us at the leading edge of the BTR market and ties to the core tenets of our Fund III investment thesis. Katz adds, "We're excited to partner with Rithm, Genesis, and GreenBarn, and thankful for the support of our investors who trust in our oversight of their capital and our ability to lead and invest through a constantly evolving market to produce asymmetrical risk-adjusted returns."
