Construction on $52 million transit-oriented project set for late 2012.
Arlington, VA (PRWEB) – Arlington, Virginia-based multifamily developer Insight Property Group announced today that it has acquired a 3.4 acre site in the Alexandria section of Fairfax County, Virginia for its new metro-oriented luxury apartment project.
Insight plans to start construction of the $52 million, 240-unit Huntington Metro project in the 4th quarter of 2012 and deliver the finished building in mid-2014.
Insight partners spent nearly two years with Fairfax County officials and neighborhood groups to obtain a change to the County’s Comprehensive Plan and a rezoning of the property for its luxury residential development. The project sits at an infill corner four blocks south of the Huntington Metro Station near the intersection of Route 1 and North Kings Highway.
“We worked very closely with Supervisor Jeff McKay’s office, County staff and our neighbors to design a high-end residential project,” says Insight Development Partner Trent Smith. “This project will be a visible gateway to Richmond Highway and a source of pride and distinction for the neighborhood.”
As part of its zoning, Insight also committed to “millions” in transportation upgrades, neighborhood improvements, and contributions to parks and schools, according to Smith.
The Huntington acquisition is part of Insight’s growing presence in the DC-area multifamily and mixed-use development market. Other current Insight development projects include two large mixed-use developments on H Street NE in Washington, DC, a 310-unit luxury apartment project set to begin during early-2013 in Silver Spring, Maryland and the re-development of the Metro Rosslyn Apartments in Arlington, Virginia. The company has also acquired 572 existing apartments in four Metro DC-area locations.
In addition, Insight is now nearing completion of its Grayson Flats Apartments in Arlington. Initial delivery of units is expected in fall 2012.
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. For more information, visit: http://www.insightpropertygroupllc.com