Insight partnership acquires two apartment communities near Fort Belvoir for $57.9 million
Insight Property Group and RSE Capital, an affiliate of Fundrise, said Tuesday that they have acquired two apartment communities near the Fort Belvoir army base.
The partnership bought Sacramento Square Apartments in Alexandria for $37.8 million and Lancaster Mill Apartments in Woodbridge for $20.1 million.
The acquisitions are part of a recently launched strategic partnership between Insight and RSE, with the firms planning to invest $200 million in Washington, D.C.-area real estate annually.
The venture purchased its first community, Canterbury Square in Alexandria, in August for $9.7 million.
The two newest communities include 354 garden-style apartment units originally developed in the mid 1980s. Insight said in a press release that it plans to invest more than $7 million to upgrade units and common areas.
Fairfax-based Gates Hudson has been engaged to manage Sacramento and Lancaster.
The communities are located along the Route 1 Corridor with access to major commuter routes and employers.
With the anticipated growth of Fort Belvoir and what the firms described as a limited supply of Class B apartments in this submarket, the Insight partnership says Sacramento and Lancaster are positioned to satisfy the growing demand for middle-market housing.
The properties include one-bedroom and two-bedroom units averaging 896 square feet.
Insight also is at work on several projects in D. C. It recently started construction on Buchanan Park, which includes 41 condominium units, which are being redeveloped in two historic school buildings on Capitol Hill and 41 townhomes being constructed along the site’s perimeter.
Insight’s Apollo project on H Street NE is scheduled to deliver its iirst residential units by Nov. 1. The Apollo is a $198 million project consisting of 431 luxury apartments, a Whole Foods grocery store, office space and other retail.