Insight Property buys Rosslyn apartments
The transaction involved plunking down $5 million for the 32-unit apartment complex at 1411 Key Blvd. and $1 million for an adjacent house at 1541 Colonial Terrace to accommodate excess density. The seller was an entity called Diamond Rosslyn LLC.
It marks the first acquisition made under the McLean-based Insight platform, which was founded this year by former Kettler Inc. and the current co-founder of Fraser Forbes Real Estate Services execs.
Insight Property Group LLC has bought the Washington Vista Apartments in Rosslyn for $6 million.
The transaction involved plunking down $5 million for the 32-unit apartment complex at 1411 Key Blvd. and $1 million for an adjacent house at 1541 Colonial Terrace to accommodate excess density. The seller was an entity called Diamond Rosslyn LLC.
It marks the first acquisition made under the McLean-based Insight platform, which was founded this year by former Kettler Inc. and the current co-founder of Fraser Forbes Real Estate Services execs.
“Vista is an extremely well located property within walking distance of two metro stations and the Key Bridge. Our plan is to invest significant capital into the property and reposition the asset over the next several years,” said Michael Blum, principal of Insight, in a statement.
Insight plans on dishing out $250,000 for immediate phase one improvements, which include signage, landscaping, balcony repairs and windows. Another $330,000 will be spent on kitchen and bath upgrades as units turn over in the first three years.
The company scored backing from M&T Bank and Potomac Capital Advisors to complete the sale.
The company eventually has an annual target of closing four to six transactions, averaging $15 million to $20 million each.
There are two other deals under contract — one in Arlington and one in Prince George’s County — that Insight is expected to close on in the first quarter of 2010.