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PCCP, Insight JV Acquires 576-Unit MF in Virginia for $132M
PCCP, LLC and Arlington, VA-based Insight Property Group formed a joint venture to acquire Oakwood Falls Church, a four-building, 576-unit apartment community in Falls Church, VA. The venture acquired the property from Oakwood Worldwide for $132 million.
Built in 1974 and located at 501 Roosevelt Blvd., the property consists of three seven-story buildings and one three-story building on 12 acres. The community features a 15,000-square-foot clubhouse with a spacious lobby, conference areas, business center, fitness center, club room and an expansive pool area.
Insight’s Michael Blum says, “It is extremely rare in this market to get an opportunity to acquire an infill asset of this scale and potential. We worked tirelessly and efficiently with PCCP, Scott Melnick of Berkadia and the seller to make this off-market transaction a huge success for everyone.”
The new owners plan roughly $7-million in capital improvements to common areas, which are expected to be completed in March 2020.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
