Press Release

Rithm Capital Corp., American Real Estate Partners, and GreenBarn Investment Group Acquire and Launch CityHouse Ashburn Station

Rithm Capital Corp., American Real Estate Partners, and GreenBarn Investment Group Acquire and Launch CityHouse Ashburn Station

ASHBURN, Va.--(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.

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."

"We look forward to working with our partners at AREP on this exciting project," said David Welsh, GreenBarn Founder & Managing Partner. "This transaction highlights the combined strength and synergistic aspects of Rithm's operating companies and our ability to provide solutions across the capital stack."

In the post-COVID hybrid work era, CityHouse Ashburn Station offers a distinct aesthetic and one-of-a-kind amenities that cater specifically to young professionals and families. This new 200-unit BTR subdivision provides an urban experience in a suburban node, offering residents an ideal location close to the Northern Virginia tech, innovation, and office hubs with easy metro access to the entire DMV area via the Silver Line. Unit sizes will average 2,000 SF and offer attached private garages, large island kitchens, full-size side-by-side washer dryers, seamless connectivity and smart home functionality, with resident amenities including sports courts, communal outdoor green spaces, pet-friendly facilities, and indoor/outdoor entertainment areas.


Rithm Capital is an asset manager focused on the real estate and financial services industries. Rithm Capital's investments in operating entities include leading origination and servicing platforms held through its wholly-owned subsidiaries, Newrez LLC, Caliber Home Loans Inc., and Genesis Capital LLC, as well as investments in affiliated businesses that provide residential and commercial real estate-related services. The Company seeks to provide attractive risk-adjusted returns across interest rate environments. Since inception in 2013, Rithm Capital has delivered approximately $4.7 billion in dividends to shareholders. Rithm Capital is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes and is headquartered in New York City.


The CityHouse Ashburn Station acquisition is part of AREP's broader strategic investment focus targeting residential, data center, industrial, and office assets across East Coast urban & urbanized suburban markets. It is the Company's second multifamily investment in the past 12 months. In September 2022, AREP announced its acquisition of 1101 King Street, a luxury office-to-apartment conversion in the heart of Old Town, Alexandria, that will begin construction in Q3 of 2023.

Headquartered in the Greater Washington metropolitan area, AREP is an institutional fund manager and operating partner focused on data center, residential, industrial, and office assets on both a development and repositioning basis in key markets along the East Coast. Since the Company's founding in 2003, AREP has deployed over $5.3 B across targeted geographies and acquired over 21 million SF of Class A real estate. AREP's vertically integrated real estate platform and experienced Management Team provide exceptional expertise in all ownership disciplines from acquisition to realization. By leveraging this expertise, AREP remains at the forefront of real estate innovation, maximizing investment and enhancing performance to provide added value for its investors. For more, please visit AREP's Newsroom or follow us on LinkedIn.


With offices in Morristown, N.J. and New York City, GreenBarn Investment Group (formerly Senlac Ridge Partners) is a vertically integrated investment management firm that utilizes its extensive network and industry experience to acquire and develop real estate assets, make and invest in real estate loans as well as make strategic entity-level and Co-GP programmatic investments with real estate operating companies. GreenBarn is an affiliate of Rithm Capital Corp (NYSE: RITM) and helps lead their commercial real estate platform focused on debt and equity investments.