New York, New York – PCCP, LLC and Arlington, VA-based Insight Property Group have formed a joint venture to acquire Oakwood Falls Church, a four-building, 576-unit apartment community in Falls Church, VA. The venture acquired the property on June 15, 2018, for $132 million.
Built-in 1974 and located at 501 Roosevelt Blvd., the property consists of three seven-story buildings and one three-story building on 12 acres. Oakwood Falls Church features a 15,000-square-foot clubhouse with a spacious lobby, conference areas, a business center, a fitness center, club room, an on-site convenience store, resort-like outdoor amenities, and an expansive pool outfitted with numerous grill areas.
“PCCP is pleased to complete our first venture with Insight Property Group, a firm with a strong regional track record of owning, developing and managing apartment assets,” said John Randall, Partner with PCCP. “Oakwood has historically operated over half of the property in its extended stay program, creating the opportunity for our joint venture to acquire an infill community with a value-added play. We plan to update common areas and focus on making this an attractive long-term home for renters.”
According to Insight President Michael Blum, “It is extremely rare in this market to get an opportunity to acquire an infill asset of this scale and potential. We worked tirelessly and efficiently with PCCP, Scott Melnick of Berkadia and the seller to make this off-market transaction a huge success for everyone.”
The community is ideally located off the intersection of two major Virginia arterials, US 50 and Route 7 in Falls Church. It is also within one mile of Interstate 66 and less than five miles from Interstate 495 (the Beltway). The East Falls Church Metro stop (Orange and Silver Lines) is approximately 0.6 miles away providing easy access to the R-B Corridor, Washington, DC and Tysons Corridor.
About PCCP, LLC: PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has over $6.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully committed over $16 billion of capital since inception through a series of investment vehicles including private equity funds, separate accounts, and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.
About Insight Property Group: Insight Property Group develops, acquires and re-positions well-located multifamily and mixed-use properties in the greater Washington, DC area. Insight’s two principals and senior leadership team members are industry veterans with a significant track record of success.
The co-founders, Richard Hausler and Michael Blum, along with their partners Trent Smith, Bill Goodman, Sarah Davidson, and Maury Stern, have decades of experience in the greater DC real estate market. Combined, they have acquired and developed more than 40,000 apartments and condominiums, including high-end market-rate and affordable units. They are also responsible for numerous award-winning planned communities and the development of multiple large-scale mixed-use and office properties.
Since Insight was formed in 2009, the Company has assembled a portfolio of existing and to-be-developed multifamily assets that total in excess of 3,756 units. The Company expects to continue its growth by adhering to the sound investment and underwriting principles, market discipline and relationship building that have proven successful in the past.