A joint venture between PCCP LLC and Insight Property Group has acquired Oakwood Falls Church, a four-building apartment community in Falls Church, Va., for $132 million.
Located at 501 N. Roosevelt Blvd., the community offers 576 studio, one- and two-bedroom units, ranging from 521 to 1,125 square feet. Constructed in 1974, the property comprises one, three-story and three, seven-story buildings across 12 acres. According to Yardi Matrix, the property is currently at a 79.9 percent occupancy rate, as of May 2018. Interior units feature a fully-equipped kitchen, private balcony/patio and washer/dryers. Residents have access to amenities including:
- 15,000-square-foot clubhouse
- conference areas
- business center
- fitness center
- on-site convenience store
- pool and hot tub
- tennis, volleyball and basketball court
- bike storage
- 22 laundry facilities
- grill areas
“Oakwood has historically operated over half of the property in its extended stay program, creating the opportunity for our joint venture to acquire an infill community with a value-added play,” said John Randall, partner with PCCP LLC. “We plan to update common areas and focus on making this an attractive long-term home for renters.”
Active Mid-Atlantic Market
Oakwood Falls Church is within close proximity to US 50, Route 7 and interstates 66 and 495. The East Falls Church Metro stop is a little over a half mile away and provides access to the R-B Corridor, Tysons Corridor and Washington, D.C.
Both PCCP and Insight have been very active in the Washington, D.C. metro. Last December, a joint venture between PCCP and Dragone Realty Investments sold The Avanti in District Heights, Md. for $131 million. On the other hand, Insight has been busy developing new communities within the area. In February, the company broke ground on two projects in Washington, D.C., a 33-unit affordable housing community and a 145-unit luxury apartment community.
Image courtesy of PCCP LLC