Haven Mt. Vernon

Acquisition of an existing 216-unit apartment community in Alexandria, Virginia.

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An opportunity to implement a value-add strategy on an existing apartment community.

The 216-unit garden-style community, which was built in 1985, is located along the Route 1 Corridor in Alexandria, Virginia near the main entrance to Fort Belvoir.  Fort Belvoir is a primary economic driver in the Alexandria-Fairfax County marketplace.

Insight and partner, Fundrise acquired Haven Mt. Vernon (formerly Sacramento Square) in September of 2016 for $37,750,000.  Insight plans to invest an additional $5,041,000 to engage new management, re-brand the property and implement a value-add program to the property’s units, exteriors and landscaping.  Total Project Cost is expected to be $42,791,000.

The plan is to own and operate the asset for long-term appreciation and cash flow.  The Haven Mt. Vernon acquisition is the second of several planned value-add opportunities planned to be acquired by the Insight Property Group and Fundrise Venture.