News

6 October 2011 IBUS sells apartments in Washington, DC

Recently IBUS sold four apartment buildings out of her real estate fund Amerikaans Woningfonds C.V. The buildings, Oaklawn Terrace, Pershing House, 705 4th Street and 1460 Irving Street in Washington, DC (248 apartments in total), were sold for USD 20,5 million (before sales costs). The buildings were acquired in July 2002 for USD 9,5 million (including costs). Washington DC and the neighborhoods, in which these buildings are located, have gone through a substantial urban regeneration over the past years. Amerikaans Woningfonds C.V. was able to take advantage of these developments through active asset management, enhancing the quality of the buildings and tenancy.
 
After this sale, one larger apartment building remains in Amerikaans Woningfonds C.V. (originally 761 apartments). In this building, the Channel Square Building in Washington, DC, 18 larger apartments are currently being refurbished into 36 smaller apartments. The total number of apartments in the building will increase to 223 after the modification. The return that investors in Amerikaans Woningfonds C.V. have realized so far, averages approximately 13% per annum since 2002. With Channel Square valued at historic cost, the fund still possesses substantial hidden reserves.