Insight Property and RSE Capital buy Alexandria apartments for $9.7 million
Insight Property Group and RSE Capital, an affiliate of Fundrise, announced a $9.7 million apartment acquisition Wednesday that looks to be the first of many investments for this new strategic partnership.
Canterbury Square Apartments, at 9186 Richmond Highway in Alexandria, is located across Route 1 from Fort Belvoir’s main gate. With the anticipated growth of Fort Belvoir and what the companies describe as a limited supply of class B apartments in this submarket, the investors say Canterbury Square is positioned to satisfy a growing demand for middle-market housing.
The acquisition launches a new strategic partnership between Insight andRSE Capital, both Washington, D.C.-area firms. The firms said they plan to invest $200 million a year in D.C.-area real estate.
According to the companies, two additional multifamily assets, totaling 354 units, are currently under contract and are scheduled to close in September.
Insight plans to invest several million dollars in the three properties to upgrade units and common areas. Fairfax-based Gates Hudson will continue to manage the Canterbury Square property and will be brought in to manage the other two pending acquisitions.
“The Canterbury transaction is the first of what we expect to be many acquisitions with RSE. Our partnership with RSE, along with the management and construction capabilities of Gates Hudson, allows Insight to execute an important business objective that will serve to complement our robust development pipeline,” Insight President Michael Blum said in a statement.