Haven Mt. Vernon

Acquisition of an existing 216-unit apartment community in Alexandria, Virginia.

An opportunity to implement a value-add strategy on an existing apartment community.

The 216-unit garden-style community, which was built in 1985, is located along the Route 1 Corridor in Alexandria, Virginia near the main entrance to Fort Belvoir. Fort Belvoir is a primary economic driver in the Alexandria-Fairfax County marketplace.

Insight and investment partner, Fundrise, acquired Haven Mt. Vernon (formerly Sacramento Square) in September of 2016 for $37,750,000. Post-acquisition Insight engaged in a rigorous asset management program which included new property management, re-branding the property and implementing value-add renovations to the property’s units, exteriors and landscaping.

Haven Mount Vernon was sold in February 2021 after successfully executing the value-add business plan.

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5401 Claymont Dr,
Alexandria, Virginia

Status

Realized.

Acquired

September 2016.

Transaction type

Existing Multifamily.

Construction type

3 story block frame.

Residential units

216 units.

Construction Start date

September 2016 (Value-Add Program).

Completion Date Target/Actual

September 2018.

Investment Partner

Fundrise.

Lender

New York Community Bank.