ARLINGTON, VA - Arlington, Virginia-based multifamily developer Insight Property Group announced today that it has begun construction on two major transit-oriented apartment projects in the Washington, DC area and is nearing completion on a third. The total development cost of these three projects is $153,000,000.
Last week, Insight started construction on its $53,000,000, 240-unit Huntington Metro Apartments located in the Alexandria section of Fairfax County Virginia. Prior to construction, Insight spent nearly two years working with Fairfax County officials and neighborhood groups to craft a change to the County’s Comprehensive Plan and a rezoning of the property for a luxury residential development. The project sits at an infill corner four blocks south of the Huntington Metro Station near the intersection of Route 1 and North Kings Highway. Initial delivery is scheduled for April 2014 with project completion planned for July 2014.
In late January, Insight broke ground on Fenwick Station its 310-unit luxury apartment project on the former Post Office site in Silver Spring, Maryland, near the Silver Spring Metro Station. The site, located within three blocks of the Silver Spring Metro Station, is located within the city’s Central Business District (CBD) and enjoys excellent access to the area’s thriving retail, employment, cultural and entertainment districts. Initial delivery of residential units is planned for June 2014 and project completion is scheduled for December 2014. Total costs to develop the Fenwick Station Apartments project will approximate $74,000,000.
John Moriarty and Associates is the general contractor for both the Silver Spring and the Huntington Metro projects.
In addition to its trio of recently started apartment communities, Insight expects to complete its Grayson Flats multifamily building in Arlington, Virginia, within the next two weeks. This $26,000,000 project provides ultra-luxury residential units in a sought-after Arlington County location within walking distance of Courthouse Metro. Completion is expected in March 2013, and Clark Builders Group is the project’s general contractor.
“The two construction starts and the wrap up of Grayson Flats represent three years of work” says Insight Principal Michael Blum. “We have known and done business with the contractors, lenders and investors on these projects for years and we are thrilled to be working together on such high-profile assets”.
The projects under construction are part of Insight’s growing presence in the DC-area multifamily and mixed-use development market. On the immediate horizon is Insight’s 450-unit Apollo H Street project on H Street NE in Washington, DC, pending PUD approval; and the re-development of Insight’s Metro Rosslyn Apartments in Arlington, Virginia. Over the past three years, the company has also acquired 572 existing apartments in four Metro DC-area locations.