Acquisition of an existing 214-unit apartment community in Stafford, Virginia.
Arbor Grove presented the opportunity to implement a value-add strategy on an existing apartment community.
The 214-unit garden-style community, which was built in 1995, is located about 30 miles south of Washington, DC in the Stafford, Virginia market and in close proximity to Quantico Marine Base.
Insight and partner The Community Development Trust acquired Arbor Grove in September of 2010 for $15,900,000. Upon acquisition, Insight re-branded the property, brought in new property management and implemented a modest value-add program to the property’s exteriors and landscaping.
The plan at that time was to own and operate the asset for long-term cash flow. However, in mid-2015, the Venture decided to sell the property due to favorable prevailing market conditions and the significant increase in operating income.
In August of 2015, Insight sold the property for $28,000,000.