Alexandria, va. – Transwestern today announces it brokered the disposition of a two-property multifamily portfolio totaling 354 units in Northern Virginia. A joint venture between Fundrise affiliate RSE Capital and Insight Property Group purchased the properties for $57.9 million. Dean Sigmon and Robin Williams, co-directors of Transwestern’s Mid-Atlantic Multifamily Group, represented an undisclosed seller in the transaction that included the following properties:
· Sacramento Square Apartments, located at 5401 Claymont Drive in Alexandria, consists of 216 garden-style, one- and two-bedroom units. It was purchased for $37.75 million.
· Lancaster Mill, located at 13940 Longwood Manor Court in Woodbridge, consists of 138 garden-style, one- and two-bedroom units. It was purchased for $20.15 million.
“These properties present an excellent value-add opportunity for Insight and RSE,” said Sigmon. “These buildings are solidly constructed and well-positioned for a substantial increase in rental revenue through in-unit renovations and exterior cosmetic enhancements.”
Insight Property Group and RSE Capital announced their partnership through real estate crowdfunding platform Fundrise in August. This purchase is part of their plan to invest $200 million annually in Washington, D.C., real estate, primarily by acquiring value-add properties for repositioning.
Transwestern is a privately held real estate firm of collaborative entrepreneurs whodeliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Mid-Atlantic region, follow @TranswesternDC.