A 63-unit luxury condominium project developed in Arlington, Virginia.
A boutique, ultra-luxury condominium project.
Insight and partner Potomac Capital Advisors acquired this property in November of 2009. At the time of Insight’s acquisition the subject site was improved with an existing apartment project containing 33 units built in the 1950’s. Insight operated the buildings while planning, designing and permitting a 63-unit luxury residential development.
Beginning in 2013, Insight spent approximately two years seeking a change to Arlington County’s General Land-Use Plan and obtaining approval of a 4.1 Site Plan that would allow the re-development of the property into a 63-unit residential project. Approvals were completed in early 2016.
During the planning and entitlement process the property was put under contract to a national homebuilder. The homebuilder, NVR, agreed to purchase the property after all approvals were obtained and the existing improvements were demolished.
During the first half of 2016, Insight worked to re-locate all of the existing residents and in July began to demolish the improvements. NVR purchased the property for $12,000,000 in September of 2016.