Insight Property Group Purchases Mount Vernon Area Apartment Property

FAIRFAX COUNTY, VA -- Insight Property Group (Insight) and RSE Capital, an affiliate of Fundrise, are purchasing two apartment properties near Fort Belvoir, the company has announced. Insight will purchase, for $37,750,000, Sacramento Square Apartments in the Mount Vernon area of Fairfax County and for $20,150,000 Lancaster Mill Apartments in Woodbridge.

The maps below show the locations of the apartment properties. Sacramento Square Apartments is located at 5401 Claymont Drive:

Lancaster Mill Apartments in Woodbridge is located at 13940 Longwood Manor Court:

The acquisition of these two assets is part of a recently launched strategic partnership between Insight and RSE Capital, Insight said. The two firms plan to invest $200 million in DC-area real estate annually. The Insight RSE venture purchased its first community, Canterbury Square, in June 2016.

The two newest communities include 354 garden-style apartment units originally developed in the mid 1980s. Insight plans to invest over $7 million to upgrade units and common areas, the company said. Fairfax-based Gates Hudson will manage Sacramento and Lancaster and to also implement Insight’s value-add strategy for each community.

The Sacramento Square and Lancaster Mill properties are located along the Route 1 Corridor with access to major commuter routes and employers. Tim White, Insight’s Development Associate says, “The addition of these two properties to the Insight/RSE platform, which includes the recently purchased Canterbury Square, allows the venture and property management team to realize significant synergies in the repositioning and management of all three assets.”

With the anticipated growth of Fort Belvoir, and the limited supply of apartments in the market, Sacramento and Lancaster are positioning to satisfy what they say is a growing demand for "middle-market housing." The properties include one-bedroom and two-bedroom units averaging 896 square feet.

According to Insight President Michael Blum, “These two most recent transactions are the second and third of what we expect to be many acquisitions with RSE, whose patient capital structure enables us to more fully pursue our long-term goals. Our partnership with RSE, along with the management and construction capabilities of Gates Hudson, allows Insight to complement our robust development pipeline and serve this important middle income apartment sector. ”

“We’re extremely picky about whom we work with and Insight is the best of the best. Regularly closing deals with institutional partners further validates our ability to go head-to- head with groups like Blackstone and Morgan Stanley to offer faster, superior capital,” said Fundrise CEO and co-founder Ben Miller.

PHOTO of Sacramento Square Apartments, located near Richmond Highwayl, from Google Maps