MCLEAN, VA - Insight Property Group LLC announced that it has purchased the Windover Villas community of 90 single family homes located in Fredericksburg, Virginia, from an affiliate of California-based SunAmerica. According to Insight Principal Richard W. Hausler, Windover is the first of a series of pending affordable housing acquisitions by the McLean based multi-family developer. "Windover is unusual because it is a rental community of single family detached homes with yards, and it was built to be affordable from day one," said Hausler. "That makes it ideal family housing. It fits in nicely with the other homes around it, and might be a good model for the future."
Source: Insight Property Group LLC
Built in the mid 1990's, the Windover community was originally financed by tax exempt debt from the Virginia Housing Development Authority and housing tax credits. The recent purchase was completed with financing including a Fannie Mae first trust.
Insight principals Hausler and Michael Blum have worked for two decades in affordable housing preservation and development, including over 6,000 units of low income housing built and preserved in Virginia, Maryland and Washington, DC for developer Kettler, Inc. Hausler has served on DC area workforce housing task forces, and assisted in establishing the Virginia Foundation for Housing Preservation.
"Workforce housing is an important part of our business plan," according to Insight principal Michael Blum. "There isn't enough good-quality workforce rental housing in the DC metro area to meet the need."
Elsewhere in the DC Metro area, Insight is acquiring existing Metro and transit-oriented apartment sites in Arlington and other close-in communities as well as repositioning older DC-area apartments. Earlier this month, it announced completion of its second recent Arlington purchase, the 1200 Rolfe Street apartments located near Courthouse Metro, which will be developed into a 72-unit Class A multifamily building.
Founded by long-time industry veterans Richard Hausler, Michael Blum and Richard Samit, Insight Property Group LLC, acquires, repositions and develops well-located apartments and mixed-use real estate in the Greater Washington, DC Metropolitan region. The three principals have in excess of 70 years real estate industry experience in the Washington DC Metropolitan region.