Acquisition of an existing 219-unit apartment community in Annandale, Virginia.
An opportunity to implement a value-add strategy on an asset in a strong submarket of Fairfax County, Viginia.
This 219-unit mid-rise community, which was built in 1974, is located in Annandale, Virginia. Insight and partners ELV Associates and Rock Creek Capital Group acquired Ravensworth in May 2020 for $58,900,000. The business plan is to implement a value add program that enhances units, common-areas, amenities and landscaping.
For Insight and its partners, Ravensworth represents an extremely rare opportunity to acquire and reposition an institutional-scale community located in a tremendously desirable in-fill location. The Annandale market of Fairfax County has outperformed most competitive submarkets in the previous ten years due largely to very little new supply of rental housing and a very stable demographic. The Insight team expects to continue the strong occupancy and operating performance with new management, targeted improvements and a very stable market with no new supply in its pipeline.