A 240-unit luxury apartment project developed in the Alexandria section of Fairfax County, Virginia.
100 pieces of original, local art used to infuse community with a unique spirit and sense of place.
Insight and partners Rock Creek Property Group and Federal Capital Partners acquired this property in September of 2012. Prior to the acquisition, Insight spent two years working with the County Supervisors, planning staff, and community members to approve an amendment to the County’s Comprehensive Plan and a re-zoning that would accommodate Insight’s planned re-development.
Insight received its approvals and in February of 2013 began the development of a $53,600,000, 240-unit, Class A apartment community. Construction was substantially complete in December of 2014. The property, The Shelby Apartments, remains fully stabilized. The project was delivered under budget and on schedule.
The Shelby was sold to a California owner/operator in March of 2016. The sale price for The Shelby was $69,950,000.
The Shelby Apartments is located in an extremely well traveled section of Fairfax County and is within one half mile of the Huntington Metro Station. The community, which is just off U.S. Route 1, is within walking distance to Metro and in close proximity to major roads, airports, shopping, recreational attractions and employment centers including downtown Washington, DC, Alexandria and Arlington. The property is also well positioned in the Pentagon to Fredericksburg defense/BRAC corridor.
The Shelby consists of three and four-story buildings constructed around an above-grade, structured garage. The project includes top-tier finishes, amenities and gathering spaces and over 100 pieces of original, local artwork.