INSIGHT PROPERTY GROUP STARTS CONSTRUCTION OF TWO MULTI-FAMILY PROJECTS IN WASHINGTON, DC
New Developments named to honor R.L. Christian & Belva Lockwood
Arlington, Virginia – Insight Property Group announced today that it has begun constructing two new residential communities in Washington, DC.
The R.L. Christian Apartments, on the former R.L. Christian Library site, located at the corner of 13th Street NE and H Street NE, will house 33 residential units above 6,000 square feet of retail in the heart of the thriving H Street corridor. The new four-story building is being redeveloped on land owned by the District of Columbia under a 99-year ground lease. Financed with 9% Low Income Housing Tax Credits, the residential component of the building will be affordable to households at 30% and 50% of Area Median Income. The ground-floor retail was privately financed and will offer neighborhood-serving retail. The project is a joint venture between Insight, H Street Investment Corporation and Rise Development.
“We are proud to deliver quality affordable housing in a fast-changing neighborhood,” said Insight Property Group President Michael Blum. “We worked closely with the Deputy Mayor’s Office of Planning and Economic Development and the local community to design a project that reflects the priorities of both the District and the community.” Wells Fargo Affordable Housing Development Corporation provided the tax credit equity for the residential component of the building and Wells Fargo Bank provided construction debt for the whole project. McCullough Construction is the General Contractor.
The R.L. Christian Apartments are named to honor the significant contributions of neighborhood youth leader Robert Lee Christian.
The Lockwood Apartments, at 13th and E Streets, SE, will house a 145-unit boutique apartment community, on a one-acre parcel that formerly housed a trash truck depot and an auto repair center. Located 1 ½ blocks from the Potomac Avenue Metro Station, the project is named after Belva Lockwood, a famous 19th century Suffragist who was the first woman to argue in front of the Supreme Court and is considered by many, the first woman in United States history to run for President.
In partnership with institutional investors advised by J.P. Morgan Asset Management, The Lockwood Apartments will be designed by the SK&I and Edit Lab/Streetsense teams who partnered with Insight and J.P. Morgan on The Apollo. The project will recall the spirit of the period during which Belva Lockwood lived and much of the neighborhood was built.
“Both of these projects are part of Insight’s growing presence in the DC-area multi-family and mixed-use development market and its commitment to delivering a wide range of housing options that meet a variety of housing needs,” explained Insight Property Group President Michael Blum.
Total projected cost for the Lockwood development is approximately $57,000,000 and Moriarty & Associates is the General Contractor. Initial delivery is scheduled to occur in mid-2019. Prior to demolition, Insight spent nearly two years with DC planning and zoning officials and neighborhood groups to obtain a P.U.D. that would allow for the re-development of the site.
Lockwood Apartments are across the street from Insight’s Buchanan Park project, including the renovation of the 1895 Buchanan School by Ditto Residential and the construction of 41 new townhomes by Insight and Federal Capital Partners. The projects are part of a wave of significant neighborhood investment, including the recent renovation of the Watkins Elementary School and the imminent redevelopment of the Safeway at 14th Street, SE.
About Insight Property Group: Founded by longtime multi-family industry veterans Richard Hausler and Michael Blum, Insight Property Group 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: www.insightpropertygroupllc.com.
About J.P. Morgan Global Alternatives: J.P. Morgan Global Alternatives is the alternative investment arm of J.P. Morgan Asset Management. With more than $125 billion in assets under management and over 800 professionals (as of September 30, 2017), we offer strategies across the alternative investment spectrum including real estate, private equity and credit, infrastructure, transportation, liquid alternatives, and hedge funds. Operating from 23 offices throughout the Americas, Europe and Asia Pacific, our independent alternative investment engines combine specialist knowledge and singular focus with the global reach, vast resources and powerful infrastructure of J.P. Morgan to help meet each client’s specific objectives. For more information: www.jpmorganassetmanagement.com.
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