Rithm Capital Corp., American Real Estate Partners, and GreenBarn Investment Group Acquire and Launch CityHouse Ashburn Station, a Luxury 200-Unit Subdivision for $120M

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.

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