Insight Property Group, an Arlington, Virginia-based real estate company specializing in residential and mixed-use development, is pleased to unveil the renovations and redesign of Falls Green, a 576-unit multifamily community located in Falls Church, Virginia managed by Bozzuto.

Built in 1974 at 501 Roosevelt Blvd., the property was previously Oakwood Falls Church, a short-term corporate housing community and was acquired through a joint venture of PCCP, LLC & Insight Property Group in 2018. Falls Green has since undergone an extensive repositioning, rebrand and transformation into a residential apartment community. Community amenities were redesigned by popular Washington D.C.-based design group, Edit Lab at Streetsense, to include a renovation of the clubhouse, concierge, kid-friendly multi-purpose room, community market, state-of-the-art fitness facility, clubroom with entertainment kitchen, coworking lounge and the leasing center.

“With our value-add strategy and complete repositioning of Falls Green, we took the opportunity to create a multigenerational micro-neighborhood that caters to and supports the lifestyles of the broad demographic range of our community,” said Maury Stern, Principal at Insight Property Group. “Residents may come for the location, but they stay for the everyday conveniences, accessibility and retreat-inspired amenities.”

“Since we were renovating an existing project with an existing resident base, we were able to draw on the knowledge and experiences of the long-term employees of the community,” said Brian Miller, Senior Design Director of Edit Lab. “There were existing resident routines, activities, bonds, and more – we refreshed the common areas to support those activities. The end result? An open resident kitchen and a reorientation of the lounge area to better host weekly resident events, like movie nights.”

The community offers studios, one-bedroom and two-bedroom apartments with den options with rents starting in the mid $1,300s. Insight has previously completed such projects at The Apollo on H Street in Washington D.C., The Shelby in Fairfax, Virginia, and is currently focused on the completion of The Elm in Bethesda, Maryland.

Holliday Fenoglio Fowler, L.P. (HFF) announces the permanent financing for Apollo on H Street, a best-in-class, pre-stabilized residential, retail and office mixed-use property in Washington, D.C.’s H Street Corridor.

The HFF team worked on behalf of the borrower, a partnership between Insight Property Group and institutional investors advised by J.P. Morgan Asset Management, to secure the fixed-rate loan through TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA).  HFF previously arranged construction financing and joint venture equity for the partnership in 2014 while the property was in development.  

Apollo on H Street is in Washington, D.C.’s historic H Street Corridor at 600 H Street NE. With a WalkScore® of 97, the property is near numerous lifestyle and employment amenities and is five blocks from Union Station, which serves as the main rail transportation artery into and around the D.C. metro.  Completed in 2017, Apollo on H Street encompasses 431 apartments with luxury finishes, including Italian cabinetry, quartz countertops, stainless appliances and wood floors throughout. The apartments were 70 percent leased at the onset of the marketing process. In addition, the property features 57,000 square feet of fully leased retail space anchored by a 40,000-square-foot Whole Foods and a 32,000-square-foot office component occupied by WeWork.

Apollo on H Street also has 60,000 square feet of indoor/outdoor amenity space, including a public lobby and leasing lounge connected to the Wydown Café; world-class art collection curated by Long View Gallery and Art Enables; penthouse with demonstration kitchen, indoor fireplace and table games; conservatory event space with access to the roof terrace; east rooftop lounge with grilling kitchens, a movie projector and expansive landscaping; west rooftop lounge with outdoor living room, grilling kitchen, two-tiered swimming pool and outdoor fireplace; indoor dog wash and outdoor dog run; gym with private studio, boxing area and Peloton bikes; and communal gardens.

The HFF debt placement team representing the borrower included Jamie Leachman, Nicole Brickhouse and Jennifer Keller.

“We are seeing more and more available capital right now for both pre-stabilized and recently stabilized assets,” Leachman said.  “Given the quality, location and sponsorship, Apollo on H Street created significant interest from the lending community, providing the partnership multiple options from which to choose.”

“HFF was fortunate to have been involved in the permanent financing of the Apollo,” Brickhouse added.  “Insight Property Group and J.P. Morgan have created a one-of-a-kind asset.  Due to the extremely competitive environment for best-in-class, pre-stabilized assets, multiple lenders were able to get creative underwriting the asset as if it was stabilized.  TH Real Estate was fantastic to work with and ultimately provided the borrower with the most long-term flexibility.”