Insight Property Group Acquires Colvin Woods Apartments in Reston, VA
WASHINGTON, Nov. 2, 2022 /PRNewswire/ — Insight Property Group, with partner AHC Inc, has announced its acquisition of Colvin Woods Apartments, a 259-unit community on Becontree Lake Drive in Reston, VA. The community will be re-branded as Haven Reston and, in partnership with Fairfax County Redevelopment and Housing Authority, the venture will preserve all 259 units for households earning between 60% and 80% of the area median income (AMI).
“Insight Property Group is excited to preserve affordability at Haven Reston and expand that opportunity to the entire community over the next several years,” said Tim White, Principal at Insight. “We are thrilled to partner once again with AHC, who has repeatedly demonstrated their commitment and success at preserving and expanding housing that is affordable and attainable to a growing segment of Fairfax County residents.”
“Partnering with local jurisdictions to address the urgent need for workforce and affordable housing in the DC Metro area has proven to be something that Insight is particularly well suited for,” said Insight Group Partner, Mae Klinger. “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. Culturally and operationally, Insight embraces a highly disciplined, institutional-level approach to investments that attracts equity partners of the highest quality who have the utmost faith in our ability to perform. For our municipal partners, the Insight team understands their housing goals and can be the partner that best helps them accomplish those goals.”
“Through our joint venture with Insight and with significant support from Fairfax County, we’re ensuring housing security for hundreds of individuals and families for decades into the future,” says Paul Bernard, AHC Inc. President & CEO. “Preserving the affordable housing in this beautiful woodland area, full of nearby amenities, is central to our mission of helping residents thrive.”
Built in 1979, Haven Reston has provided naturally occurring affordability in a lush, quiet setting convenient to all the amenities and job centers in and around Reston, VA. With the acquisition, 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.
Haven Reston has one and two-bedroom apartments with a community clubhouse, playground, fitness center, and swimming pool. The venture intends to invest in a number of improvements to building exteriors, common areas, and amenities, and landscaped areas. Gates Hudson has managed the property to date and the existing team has been retained to continue that management role.