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. 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.