Washington DC CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Insight Property Group Acquires Reston Community for Affordability Preservation
Arlington, VA-based Insight Property Group, with partner AHC, Inc., has acquired Colvin Woods Apartments, a 259-unit community on Becontree Lake Drive in Reston, VA. In partnership with Fairfax County Redevelopment and Housing Authority, the venture will preserve all 259 units for households earning between 60% and 80% AMI.
“Our founders’ roots are firmly planted in the pursuit of attainable housing and we have spent decades involved in and advocating for solutions to affordability in a rapidly growing region with dramatically increasing housing insecurity such as ours,” said Mae Klinger, Insight Property Group partner.
Insight Property Group and AHC will phase in affordability income and rent requirements over the next three to five years. No current residents will be displaced over the next five years regardless of income.
Gates Hudson has managed the 1979-constructed property (rebranded Haven Reston) to date and has been retained to continue that management role.
- ◦Sale/Acquisition
