MCLEAN, VA - Insight Property Group LLC announced today its $15.9 million purchase of the 214-unit Vine Place Apartment community near Interstate 95 and the Quantico Marine Base in Virginia, located approximately 30 miles south of Washington, DC. This project is Insight's fifth multifamily acquisition since its formation in October of 2009. According to Insight Principal Richard W. Hausler, "This property falls squarely in the Washington DC/ I-95 defense corridor that serves the bases and federal employers from the Pentagon to Fredericksburg."
Vine Place, completed in 1997, is slated by Insight for a moderate re-branding and repositioning. Insight has hired new property management and plans to invest significant capital to upgrade amenities, landscaping, signage and building entrances.
"Vine Place is a solid, well-located community with interstate visibility and access," said Insight principal Michael Blum. "It just needs care and attention."
Elsewhere in the DC Metro area, Insight is acquiring existing apartment properties in Arlington and other close-in communities, repositioning older DC-area apartments, and developing new product at Metro and transit-oriented locations.
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.
Source: Insight Property Group