Insight Prepares to Add TODs Valued at $153M to DC Area
By Adrian Maties, Associate Editor
Insight Property Group recently started work on two major transit-oriented apartment projects in the Washington, D.C., area. The Arlington, Va.-based multifamily developer is also nearing completion on a third project. The total cost of these three projects is $153 million.
Fenwick Station (reported on this page last month) is a 310-unit luxury apartment development located on the former Post Office site in Silver Spring, Md. The project has cost about $74 million construct; initial delivery of the residential units is planned for June 2014, with completion anticipated in December 2014.
Insight started construction on the Huntington Metro Apartments last week. Located in the Alexandria section of Fairfax County, Va., the project will deliver 240 apartments, at a total cost of $53 million. Initial delivery is scheduled for April 2014, with project completion planned for July 2014.
John Moriarty and Associates is the general contractor for both Fenwick Station and Huntington Metro Apartments. On Monday, March 4th, Cassidy Turley announced that Insight Property Group had closed on construction equity and debt financing totaling $129 million for the two apartment projects.
In the next couple of weeks, Insight Property also expects to finalize the construction of its Grayson Flats multifamily building in Arlington. The project has cost $26 million and will bring 67 ultra-luxury residential units to the desirable Rosslyn-Ballston Corridor of Arlington County. Amenities include a fitness center; resident lounge with kitchen, bar and billiards; outdoor terraces with gathering areas and fireplace; rooftop terraces; as well as structured parking. 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,” said Insight Principal Michael Blum in a statement. “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.”
Rendering of Huntington Metro Apartments courtesy of Insight Property Group.
Charts courtesy of Marcus&Millichap.