FREDERICKSBURG, VA - Insight Property Group LLC announced today its $18.250 million purchase of the 200-unit Townsend Square Apartment community in Fredericksburg, Virginia. The property, which is located approximately 45 miles south of Washington, DC, is Insight's sixth multifamily acquisition since its formation in October of 2009. The community is off U.S. Route 1 and in close proximity to I-95 and the Fredericksburg Virginia Railway Express station. Major attractions and employment centers in close proximity include downtown Fredericksburg, University of Mary Washington, Spotsylvania Regional Medical Center, Central Park, Spotsylvania Mall, Fort A. P. Hill and Quantico Marine Base.
According to Insight Principal Richard W. Hausler, "This property falls squarely in the Washington DC/ I-95 defense/BRAC corridor that serves the bases and federal employers from the Pentagon to Fredericksburg."
Townsend Square, completed in 1995, offers large two and three-bedroom apartment homes. Each unit has its own laundry room and the community offers numerous amenities including a pool, playgrounds, community room, business center and fitness center. Insight has hired S. L. Nusbaum Realty to manage the asset.
"Townsend is a solid, well-located community with interstate visibility and access," said Insight principal Michael Blum. According to Blum, "This particular asset remains in excellent condition, well occupied and fits well into Insight's plans for long-term ownership."
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. The Company has several development projects scheduled to begin construction in 2011 and 2012.
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. See the web site for personnel information and project renderings.
Source: Insight Property Group