“Broad and Washington is a strategic main and main location at the City’s core. Falls Church is a place with beautiful established neighborhoods, Metro access, and first-class schools, retail and proximity to employment." - Insight President Michael Blum
Arlington, VA (PRWEB) January 29, 2015
Arlington, Virginia-based Insight Property Group LLC and Reston, Virginia-based Kiddar Metz announced today their acquisition last week of the 2.68 acre northeast corner of Broad and Washington Streets— State Routes Route 7 and Route 29 – in downtown Falls Church, Virginia. Seller of the sites was its long-time owner, Robertson Properties LC.
The three parcels totaling 2.68 acres are improved with a class B office building, a free-standing Applebee’s restaurant and a medical office building. Insight and Kiddar joined forces as Broad & Washington LLC to buy all three, including 100 N Washington Street, 131 E Broad Street and 127 E Broad Street.
According to Insight President Michael Blum, “Broad and Washington is a strategic main and main location at the City’s core.” And, Blum says, “Falls Church is a place with beautiful established neighborhoods, Metro access, first-class schools, retail and proximity to employment."
Adds Kiddar Metz CEO Todd Hitt, “We are believers in downtown Falls Church.”
The Falls Church acquisition is part of Insight’s growing presence in the DC-area real estate market. Insight has nearly 1,000 apartments currently under development. These projects include the Apollo, the Fenwick and The Shelby.
The Apollo is an $189,000,000 mixed-use project currently under construction on H Street NE in Washington, DC. This project will include 430 residential units and 70,000 square feet of retail space anchored by a Whole Foods Grocery store. The Fenwick is a 310-unit luxury apartment building (http://www.fenwickapts.com) located near the Metrorail in Silver Spring, Maryland that was recently completed and is currently leasing units. The Shelby (http://www.theshelbyapartments.com), a 240-unit luxury apartment project near the Huntington Metro in the Alexandria section of Fairfax County, Virginia was also recently completed and is currently leasing units. Both of these properties are being managed by DC-based Bozzuto. In 2013, Insight completed its Grayson Flats apartment project in Arlington, Virginia. Insight has also acquired 572 existing apartments in four Metro DC-area locations, including Metro Rosslyn Apartments in Arlington, Virginia.
Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group LLC acquires, repositions, and develops well-located apartments and mixed-use real estate in the Washington, DC metropolitan region. The principals have over 70 years of experience in the area real estate industry. For more information on Insight, visit: http://www.insightpropertygroupllc.com.
Kiddar Metz is a Reston, Virginia-based private investment firm that originates, structures and manages strategic equity investments across a variety of business disciplines. The firm has in excess of $300 million under management. For more information on Kiddar Metz, visit: http://www.kiddar.com.