WashREIT Continues to Grow its Multifamily Presence in the Washington D.C. Region

For WashREIT (NYSE: WRE), one of the nation’s oldest REITs, it isn’t just business as usual. After five years of strategic repositioning, the nearly 60-year-old company is honing its focus on the multifamily sector and looking to “simplify the story,” says President and CEO Paul McDermott.

Since joining the company in late 2013, McDermott has spearheaded efforts to move the company in a new direction. Specifically, the aim has been to transform what had traditionally been a diversified REIT into a company that is focused directly on multifamily in the Washington, D.C. metro region. “We really wanted to make some changes in the people, the portfolio, and the processes of the organization,” he says.