Haven Fort Belvoir

Acquisition of an existing 76-unit apartment community in Alexandria, Virginia.

Implementing a value-add strategy on an existing apartment community.

The 76-unit garden-style community, which was built in 1965, is located in Alexandria, Virginia at the main entrance to Fort Belvoir. Fort Belvoir is a primary economic driver in the Alexandria-Fairfax County marketplace.

Insight and partner Fundrise acquired Haven Fort Belvoir (formerly Canterbury Square) in June of 2016 for $9,700,000. Upon acquisition, Insight began to re-brand the property and implement a value-add program to the property’s units, exteriors and landscaping.

The plan is to own and operate the asset for long-term cash flow. The Haven Fort Belvoir acquisition was the first value-add project acquired by the Insight/Fundrise venture. The venture goal is to acquire assets totaling $200,000,000 per year.

Visit Website

9186 Richmond Highway
Alexandria, Virginia

Status

Operating.
Value-Add Program being implemented.

Acquired

Acquired in June 2016 for $9,700,000.

Transaction type

Existing Multifamily.

Construction type

3 story block frame.

Residential units

76 units.

Project cost

$11,064,000.

Construction Start date

July 2016 (Value-Add Program).

Completion Date

July 2018.

Investment Partner

Fundrise.

Lender

New York Community Bank.