Now Out of the Office Game, WashREIT Rebrands to Reflect Multifamily Focus
Goodbye Washington Real Estate Investment Trust. Hello Elme Communities.
Reflecting its wholesale shift into residential real estate, the D.C.-based real estate investment trust, better known as WashREIT, announced Monday it has rebranded. In a statement, president and CEO Paul McDermott said the new name is a combination of the words “elevate” and “home.” The decision comes after WashREIT (NYSE: WRT) sold almost all of its office and retail assets to focus on becoming a regional multifamily operator.
“As we considered our company today and how it has evolved, we wanted to choose a name that represents our commitment to multifamily and our residents,” he said in a release.