Strategic $120M BTR Investment: GreenBarn Investment Group, AREP, and Rithm Capital Partner on Luxury Ashburn Development

A transformative build-to-rent opportunity is taking shape in Loudoun County, Virginia. Three major players—Rithm Capital Corp., American Real Estate Partners (AREP), and GreenBarn Investment Group—have joined forces to acquire a prime 200-unit luxury townhome development from Dream Finders Homes, marking a $120 million investment in the evolving rental housing sector.

Project Financing and Capital Structure

The deal showcases a strategic capital stack arrangement. Rithm Capital is channeling equity investment through its partnership with GreenBarn Investment Group, while simultaneously extending $86.4 million in acquisition and construction financing via Genesis Capital, its lending subsidiary. This dual approach—combining equity participation with debt financing—demonstrates the growing sophistication of BTR market players.

CityHouse Ashburn Station: Location and Market Positioning

Branding itself as CityHouse Ashburn Station, the development targets a specific demographic: renters-by-choice seeking single-family home experiences without committing to traditional homeownership. The Northern Virginia location proves strategic, sitting adjacent to major tech and innovation corridors while maintaining straightforward access to the broader DMV region through the Silver Line metro connection.

The first phase becomes available for lease in mid-August, with the remaining phases rolling out over the subsequent 15 months. This phased delivery approach allows the partnership to calibrate operations and optimize tenant acquisition.

Design and Amenities Built for Modern Living

Each unit averages approximately 2,000 square feet and incorporates attached private garages, expansive island kitchens, full-size washer-dryer units, and integrated smart home technology. The community-level offerings include sports courts, landscaped green spaces designed for socializing, pet-friendly accommodations, and indoor/outdoor entertainment venues.

These features directly address the post-COVID hybrid work environment, where young professionals and families prioritize lifestyle flexibility and space efficiency—qualities that distinguish this property from traditional multifamily developments.

Strategic Rationale and Partner Contributions

Brian Katz, AREP’s Co-Founder & President, frames the acquisition as an “opportunistic” move that positions AREP at the forefront of BTR innovation. The investment aligns with the firm’s established playbook: identifying emerging, vibrant markets and executing on niche real estate opportunities with proven alpha generation potential.

For GreenBarn Investment Group, this transaction highlights its operational strengths and its ability to leverage Rithm Capital’s ecosystem—a strategic affiliation that extends across Rithm’s commercial real estate platform. David Welsh, GreenBarn’s Founder & Managing Partner, emphasizes the “synergistic aspects” of the partnership, noting how Rithm’s subsidiaries deliver coordinated solutions across multiple layers of the capital stack.

Market Context

The BTR sector continues attracting institutional capital as demographics and lifestyle preferences shift. The Ashburn Station development represents more than a single asset acquisition; it signals institutional confidence in rental housing’s sustainability as younger cohorts and lifestyle-flexible workers drive sustained demand for high-quality rental options in proximity to employment hubs and urban amenities.

AREP has been active in this space, having announced its acquisition of 1101 King Street—a luxury office-to-apartment conversion in Alexandria—approximately 12 months prior, demonstrating the firm’s commitment to the Mid-Atlantic residential market.