Assemblages All Over
Two local developers have set themselves up to get moving on some big new multifamily. First, Insight Property Group announced last week it acquired a self-storage property, the last remaining assemblage piece for its Apollo project at H and 7th streets. The $185M, 430-unit project (for which Insight has already signed Whole Foods) is now set for a groundbreaking this fall. (People are probably already in line.)
Over in Arlington, ARA's Mark Anstine and Dan Lockard (flanking colleagues Ryan Ogden and Drew White) just brokered an assemblage of properties next to the Virginia Square Metro on behalf of The Penrose Group. Dan tells us the $22.5M deal allows Penrose to move forward (with a groundbreaking likely this summer) with its 12-story, 265-unit Latitude apartments. And for new projects on the scale and in the location of Latitude, assemblages might be the only way to get started, he says, since it's rare to find a big site with only one owner or property. Dan and Mark also brokered a similar large scale assemblage deal to Gables Residential in Arlington last year.
