JOINT VENTURE BETWEEN PCCP, LLC AND INSIGHT PROPERTY GROUP ACQUIRES 576-UNIT APARTMENT COMMUNITY IN FALLS CHURCH, VA
New York, NY, June 21, 2018 – PCCP, LLC and Arlington, VA-based Insight Property Group have 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 on June 15, 2018 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. Oakwood Falls Church features a 15,000-square-foot clubhouse with a spacious lobby, conference areas, a business center, a fitness center, club room, an on-site convenience store, resort-like outdoor amenities, and an expansive pool outfitted with numerous grill areas.
“PCCP is pleased to complete our first venture with Insight Property Group, a firm with a strong regional track record of owning, developing and managing apartment assets,” said John Randall, Partner with PCCP. “Oakwood has historically operated over half of the property in its extended stay program, creating the opportunity for our joint venture to acquire an infill community with a value-added play. We plan to update common areas and focus on making this an attractive long-term home for renters.”
According to Insight President Michael Blum, “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 community is ideally located off the intersection of two major Virginia arterials, US 50 and Route 7 in Falls Church. It is also within one mile of Interstate 66 and less than five miles from Interstate 495 (the Beltway). The East Falls Church Metro stop (Orange and Silver Lines) is approximately 0.6 miles away providing easy access to the R-B Corridor, Washington, DC and Tysons Corridor.