Insight Acquires Two Belvoir-Area Apartment Communities
INSIGHT PROPERTY GROUP ACQUIRES DC-AREA APARTMENT COMMUNITIES
ADDITIONAL ACQUISITIONS ARE PLANNED
Arlington, VA – Insight Property Group (Insight) and RSE Capital, an affiliate of Fundrise, announce the $37,750,000 acquisition of Sacramento Square Apartments in Alexandria, Virginia and the $20,150,000 acquisition of Lancaster Mill Apartments in Woodbridge, Virginia.
The acquisition of these two assets is part of a recently launched strategic partnership between Insight and RSE Capital. The two firms plan to invest $200,000,000 in DC-area real estate annually. The Insight RSE venture purchased its first community, Canterbury Square, in June 2016.
The two newest communities include 354 garden-style apartment units originally developed in the mid 1980’s. Insight plans to invest over $7,000,000 to upgrade units and common areas. Fairfax-based Gates Hudson has been engaged to manage Sacramento and Lancaster and to also implement Insight’s value-add strategy for each asset.
The Sacramento Square and Lancaster Mill properties are strategically located along the Route 1 Corridor with easy access to major commuter routes and employers. Tim White, Insight’s Development Associate says,
“The addition of these two properties to the Insight/RSE platform, which includes the recently purchased Canterbury Square, allows the venture and property management team to realize significant synergies in the repositioning and management of all three assets.”
With the anticipated growth of Fort Belvoir, and the limited supply of class B apartments in this submarket, Sacramento and Lancaster are perfectly positioned to satisfy the growing demand for middle-market housing. The properties include one-bedroom and two-bedroom units averaging 896 square feet.
According to Insight President Michael Blum,
“These two most recent transactions are the second and third of what we expect to be many acquisitions with RSE, whose patient capital structure enables us to more fully pursue our long-term goals. Our partnership with RSE, along with the management and construction capabilities of Gates Hudson, allows Insight to complement our robust development pipeline and serve this important middle income apartment sector.”
“We’re extremely picky about whom we work with and Insight is the best of the best. Regularly closing deals with institutional partners further validates our ability to go head-to-head with groups like Blackstone and Morgan Stanley to offer faster, superior capital,”
said Fundrise CEO & Co-Founder, Ben Miller.
Insight recently started construction and sales on its Buchanan Park project located at 13th and D Streets SE on Capitol Hill. This project includes 41 condominium units being redeveloped in two historic school buildings and 41 fee-simple townhomes being constructed along the site’s perimeter. In June the firm also obtained City approvals for a major new Capitol Hill apartment project located across E Street from Buchanan Park.
Also in the DC market, Insight’s Apollo project on H Street NE is scheduled to deliver its initial residential units by November 1, 2016. The Apollo is a $198,000,000 project consisting of 431 luxury apartment units, a whole foods grocery store, office space and other retail. Last year, Insight completed lease-up of its 310 unit Fenwick Apartments in Silver Spring and its 240 unit Shelby Apartments in Alexandria.
About Insight Property Group
Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group acquires, repositions, and develops well-located apartments and mixed-use real estate in the Washington, D.C. metropolitan region. The principals have over 70 years of experience in the area real estate industry. For more information, visit: www.insightpropertygroupllc.com.
About RSE Capital
RSE Capital, an affiliate of Fundrise, uses discretionary balance sheet funds to provide innovative capital solutions for top sponsors. For more information, please visit: rsecap.com.
The publicly filed offering circulars of the issuers sponsored by Rise Companies Corp., not all of which may be currently qualified by the Securities and Exchange Commission, may be found at www.fundrise.com/oc.
Source: http://c.bizjournals.com/ct/e/217660271/NzYwODg0NjE6OjUyNzUwODE