Insight Buys Site Near Huntington Metro with Plans for Work $52M Apartment Project
- Sep 24, 2012
Insight Property Group L.L.C., a multifamily developer founded by longtime multifamily industry veterans Richard Hausler and Michael Blum in late 2009, on Sept. 11 announced the acquisition of 3.4 acres of land in the Alexandria section of Fairfax County, Va. It plans to use the site for a new metro-oriented luxury apartment project.
Called Huntington Metro, the project will cost $52 million. Insight plans to start construction in the fourth quarter of 2012. When finished, the project will deliver 240 luxury apartments, as well as ground-floor retail and parking. Residents will enjoy such top-tier amenities as a resident lounge and clubroom with kitchen and billiards, a business center, wireless Internet connectivity, an outdoor pool, a state-of-the-art fitness center and intensely landscaped courtyards and grounds. The building is expected to be finished in mid-2014.
The site is located near the intersection of Route 1 and North Kings Highway, just south of the Huntington Metro Station. It took Insight almost two years to obtain a change to the county’s Comprehensive Plan and a rezoning of the property for the project.
“We worked very closely with Supervisor Jeff McKay’s office, county staff and our neighbors to design a high-end residential project,” said Insight Development partner Trent Smith. “This project will be a visible gateway to Richmond Highway and a source of pride and distinction for the neighborhood.”
Insight Property Group has been very active in the D.C. Metro area multifamily market, a place where rents are growing and vacancies are dropping. It will finish its Grayson Flats Apartments in Arlington this fall and will start work on a 310-unit luxury apartment project in early 2013 in Silver Spring. The company will also redevelop the Metro Rosslyn Apartments in Arlington, Va., and has also purchased 572 existing apartments in four other locations in the Washington, D.C., metropolitan area. With the high demand for apartments in the D.C. area, Insight is investing smart and answering a need.
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Charts courtesy of Marcus&Millichap.
Rendering courtesy of Insight Property Group.