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 partner, Fundrise acquired Haven Mt. Vernon (formerly Sacramento Square) in September of 2016 for $37,750,000. Insight plans to invest an additional $5,041,000 to engage new management, re-brand the property and implement a value-add program to the property’s units, exteriors and landscaping. Total Project Cost is expected to be $42,791,000.
The plan is to own and operate the asset for long-term appreciation and cash flow. The Haven Mt. Vernon acquisition is the second of several planned value-add opportunities planned to be acquired by the Insight Property Group and Fundrise Venture.