Fundrise, Insight Purchase Two NoVa Properties For $58M
In August, real estate crowdfunding platform Fundrise announced a JV with Insight Property Group and plans to invest $200M annually in DC-area multifamily real estate. This week, the partnership acquired its second and third properties.
Insight and Fundrise-affiliate RSE Capital acquired two NoVa Class-B multifamily assets for $57.9M outside of the Fort Belvoir military base.
The first property, Sacramento Square Apartments at 5401 Claymont Drive in Alexandria has 216 garden-style units and was bought for $37.8M. The other property, Lancaster Mill at 13940 Longwood Manor Court in Woodbridge, was purchased for $20.2M and consists of 138 units.
Fundrise CEO Ben Miller tells Bisnow these assets fit in with the partnership's strategy of acquiring value-add properties with moderate risk and moderate return.
"They hadn’t been renovated since they were built, which was 30 years ago," Ben says. "This was a clear value-add opportunity. We like where they’re located, and no one has really put any tender loving care into them in so long."
The deal was brokered by Transwestern's Dean Sigmon and Robin Williams. Dean and RSE Capital director of real estate Whit Booth will both speak at Bisnow's Multifamily Annual Conference next Thursday.