Partnering on another project, Insight Property Group and AHC Inc. have landed a $50.4 million loan for a 259-unit community in Reston, Va. The financing will assist with the acquisition and renovation of Colvin Woods Apartments, which the joint venture will rebrand as Haven Reston. EagleBank provided the financing, which was facilitated by Tim Annett and Sean Krysick.
The garden-style complex was originally built between 1979 and 1980, but currently features one- and two-bedroom units ranging from 728 to 977 square feet. The units are spread across seven three-story apartment buildings, with approximately 70 percent of them set at or below 60 percent of area median income levels. According to EagleBank, 158 of the units were renovated in 2010, while six more were recently renovated.
Units feature a balcony or terrace, while community amenities include a clubhouse, a playground, an outdoor pool and lounge area, a fitness center, a dog park and tennis courts.
Located at 11012 Becontree Lake Drive, Haven Reston is adjacent to Lake Fairfax Park, a 476-acre nature preserve. Residents also have nearby access to the Dulles International Airport, the Wiehle-Reston East metro station and the Reston Town Center, while also being roughly 22 miles away from Washington, D.C.
DC presence
Arlington, Va.-based Insight Property Group was founded in 2009 and has since acquired 24 properties and developed 14 communities in the Washington, D.C., area. Insight’s portfolio totals 5,767 residential units that the firm has either acquired or developed.
The two companies previously worked alongside FCP to acquire Camden Largo Town Center in Largo, Md. The joint venture acquired the 245-unit community for $71.9 million in March, with plans to renovate interiors and exteriors, as well as rebrand it to Haven Largo.
Before that, Insight worked with PCCP, LLC to reposition a short-term corporate housing community in Falls Church, Va. The joint venture acquired the property in June 2018 and opened the renovated 576-unit Falls Green community in August 2020.
