Acquisition of an existing 138-unit apartment community in Woodbridge, Virginia.
An opportunity to implement a value-add strategy on an existing apartment community.
The 138-unit garden-style community, which was built in 1985, is located in Woodbridge, Virginia. Insight and partner Fundrise acquired Lancaster Mill in September of 2016 for $20,150,000.
Insight plans to invest an additional $3,141,000 to engage new property management, re-brand the property and implement a value-add program to the property’s units, exteriors and landscaping. Total Cost are projected to be $23,291,000.
The plan is to own and operate the asset for long-term cash flow. The Lancaster Mill property is the third of numerous planned value-add opportunities planned to be acquired by the Insight Property Group and Fundrise Venture.