Insight Property Group Pays $60M For Fairfax County Apartments
Insight Property Group has acquired a Fairfax County multifamily building in a deal that closed during the coronavirus crisis.
Berkadia announced Friday it arranged a a $45.5M Freddie Mac loan for Insight to acquire the Ravensworth Towers property in Annandale. It said the deal closed May 7 with a 75% loan-to-value ratio, putting the acquisition price at roughly $60M. The seller, Aimco, was represented by Cushman & Wakefield.
Insight, in partnership with Rock Creek Property Group and ELV Associates, plans to invest another $3M to $4M in renovating the property. It brought on Bell Partners to manage the property.
The apartment building at 4327 Ravensworth Road sits near the intersection of Columbia Pike and VA 236. A Safeway-anchored shopping center and a host of additional restaurants and retailers sit within a half-mile of the property.
"This deal was an excellent execution during COVID-19 because the debt was priced prior to the volatility in the bond markets," said Berkadia Director Jonathan Pratt, who arranged the loan along with Berkadia's Rossana Bouchaya and John Reed. "Freddie Mac stood by the transaction and actively worked with our team to make sure the deal stayed on track."
CORRECTION, MAY 8, 4:55 P.M. ET: A previous version of this story incorrectly stated the date the deal closed. The deal closed May 7. This story has been updated.
