JV Pays $57M for NoVa Multifamily Portfolio
- Oct 18, 2016
Alexandria and Woodbridge, Va.—Transwestern recently facilitated the disposition of a two-property multifamily portfolio in Northern Virginia. A joint venture between Fundrise affiliate RSE Capital and Insight Property Group has acquired the 354-unit portfolio for $57.9 million. The two assets in question are Sacramento Square Apartments in Alexandria and Lancaster Mill in Woodbridge. Dean Sigmon and Robin Williams, co-directors of Transwestern’s Mid-Atlantic Multifamily Group, represented the undisclosed seller in the transaction.
Sacramento Square Apartments is located at 5401 Claymont Drive in Alexandria, consisting of 216 garden-style, one- and two-bedroom units, and was purchased for $37.75 million. The asset includes amenities such as a picnic area, high speed internet, a swimming pool, a clubhouse and patios. The community is minutes away from Washington, D.C., Old Town Alexandria and Fort Belvoir.
The second community, Lancaster Mill, is located at 13940 Longwood Manor Court in Woodbridge, has 138 one- and two-bedroom units and traded for $20.15 million. Residents enjoy high-speed internet and on site management. The property is less than two minutes away from the I-95.
“These properties present an excellent value-add opportunity for Insight and RSE. These buildings are solidly constructed and well-positioned for a substantial increase in rental revenue through in-unit renovations and exterior cosmetic enhancements,” said Sigmon in a statement.
Insight Property Group and RSE Capital announced their partnership through the real estate crowdfunding platform Fundrise in August. This purchase is part of the joint venture’s plan to invest $200 million annually in Washington, D.C., real estate, primarily by acquiring value-add properties for repositioning.
Images courtesy of Transwestern