MCLEAN, Va., June 28 /PRNewswire/ -- Insight Property Group LLC announced today that it has completed the acquisition of 1200 Rolfe Street North, near the Courthouse Metro in Arlington, VA.
Insight's latest acquisition is an existing 42 unit site within walking distance of Courthouse Metro, to be improved with a $24 million, 72-unit Class A multifamily building over a parking garage. Planned for construction in early 2011, it will be one of the first new development projects to break ground in the Rosslyn Ballston Corridor since the downturn in the real estate market.
Designed by Lessard Architectural Group, the new Insight building will incorporate many green features, as well as private roof decks, a landscaped plaza and community gathering areas. The new homes will bring "lots of glass and light" according to its designers as well as the high-end finishes expected of a product in this location.
Separately, Insight also expects to proceed in early 2011 with a new building on its Rosslyn Vista apartment site at the Rosslyn Metro, which it acquired last year. And the company is preparing for three more upcoming acquisitions of existing apartments in its home market of Metro Washington DC.
To handle its growing book of business, Insight Property Group recently brought on board MBA and former JPI developer Trent Smith as its head of acquisitions, as well as former Equity Homes CFO William H. Goodman, who serves as Insight's Chief Financial Officer. Edward S. Byrne, who is also a principal of McLean based Riverside Development and has over 30 years in the business, serves as Insight's chief planner. According to Richard Hausler, a principal of Insight, "This is the team we need to seize the moment as the market picks up. We're in a solid position to recognize opportunities and move quickly on both acquisition and development."
About Insight Property Group LLC
Founded by long-time industry veterans Richard Hausler, Michael Blum and Richard Samit, Insight Property Group LLC, (http://www.insightpropertygroupllc.com) acquires, repositions and develops well-located apartments and mixed-use real estate in the Greater Washington, DC Metropolitan region. The three principals have in excess of 70 years real estate industry experience in the Washington DC Metropolitan region. See the web site for personnel information and project renderings.
SOURCE Insight Property Group LLC