Insight Buys Silver Spring Post Office for 310-Unit Apartment Project
MCLEAN, VA (PRWEB) – Last week McLean-based apartment developer Insight Property Group, with partner Nova-Habitat, Inc, settled on the Postal Service’s Silver Spring Post Office site, located two blocks from the Silver Spring Metro Station at 8616 Second Avenue. Insight plans to start construction of its proposed 310 unit, $75,000,000 Class A apartment project on the former United States Post Service property in the 4th quarter of 2012.
“This property is a gateway location in the Silver Spring Central Business District, with great access and visibility,” according to Sarah Davidson, a partner at Insight. “Our residents will ride on Metro and walk to restaurants, entertainment and major downtown employers.”
The Silver Spring Post Office property is Insight’s eighth acquisition in the past two years. It represents the fourth Metro-oriented apartment development site purchased by the Company and the second in the last three months. In November, Insight acquired a large property in the emerging H Street NE corridor of Washington, DC. In addition to the properties in the Company’s existing portfolio, Insight is under contract on several other development sites including property near an existing metro station in Fairfax County and another high-profile site on H Street, NE in Washington, DC.
Last fall, Insight broke ground on its Grayson Flats apartment project near Arlington’s Courthouse Metro. The property, which is scheduled for delivery in late 2012, is being constructed by Clark Builders Group. The company also owns a site at Arlington’s Rosslyn Metro which is still in planning.
At the same time, Insight continues its pursuit of existing apartments, focusing on value-add, existing middle-income product. The company has closed four separate projects over the past eighteen months, and according to principals are in active pursuit of additional acquisitions. “The market is not producing new middle income apartments in the DC area,” according to Insight principal Richard Hausler, “and there is strong demand from middle income renters who need apartments.” Since November of 2009 Insight’s portfolio of eight properties and pending acquisitions has grown to 1,129 new apartments in various stages of construction or development and 537 existing apartments.
According to Insight principal Michael Blum, financing for the company’s latest purchase in Silver Spring was provided by Bethesda-based Eagle Bank. Construction financing for its in-progress Arlington project was provided by Tysons-based Cardinal Bank, which also provided acquisition financing for Insight’s purchase of its H Street site.
Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group LLC 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.
Insight Property Group LLC
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