Insight Property Group Renovates Washington, DC-Area Community
- Aug 19, 2020
A multifamily property in Falls Church, Va., that was converted from its previous life as a short-term corporate housing community has opened to area residents.
Insight Property Group’s Falls Green includes 576 units in studios, one- and two-bedroom floorplans with den options. The units range from 521 to 1,136 square feet with rents starting at $1,331. Located at 501 Roosevelt Blvd., the renovated community was previously a corporate housing property with move-in ready furnished units for short-term rentals and extended stays under the name Oakwood Falls Church.
Insight, along with its joint venture partner PCCP, LLC, acquired the property in June 2018 for $132 million from an affiliate of Oakwood Worldwide. In December 2018, the new owners began the repositioning process that included rebranding the property into Falls Green and renovating various community amenities. The common areas were redesigned by Edit Lab at Streetsense, a popular local design group, who worked on renovating the clubhouse, concierge, kid-friendly multi-purpose room, community market, fitness facility, clubroom with entertainment kitchen, coworking lounge and leasing center. Insight told Multi-Housing News that the courtyard opened in phases from June to October 2019 and the clubhouse opened in January 2020.
Brian Miller, senior design director at Edit Lab, said in prepared remarks that the design company was able to draw on the experience from the long-term employees of the community towards the design of the new amenity spaces. Miller added in his prepared statement that Edit Lab looked to refresh the common areas to support existing resident activities, which lead the design of an open resident kitchen and a reorientation of the lounge to better host events.
DOUBLING DOWN ON D.C. METRO
“Insight Property Group has always been attracted to the Falls Church area because of its small-town charm, rich history, central location and access to everyday amenities,” Maury Stern, principal at Insight, told MHN. “As a community, Falls Green presented a unique opportunity to upgrade and modernize an immense amount of indoor and outdoor space within the setting of an already established, thriving community.”
In another neighborhood 5 miles away from Falls Church, Insight formed a joint venture with Rock Creek Property Group and ELV Associates to purchase a 219-unit community in Annandale, Va. Elsewhere in the Washington, D.C. metro area, Insight is also working on The Elm, a 456-unit residential project that will reach 29 stories high in Bethesda, Md.