Insight Property Transforms Falls Church Corporate Housing Into Apartment Community
By Keith Loria August 24, 2020 4:15 pm
reprints
Insight Property Group has completed its transformation of Falls Green, a 576-unit multifamily community in Falls Church, Va., which was originally short-term corporate housing.
Built in 1974 and located at 501 Roosevelt Boulevard, the community was previously an affiliate of corporate housing builder Oakwood Worldwide and sold to a joint venture between Insight Property and PCCP in 2018.
“The acquisition and subsequent renovation of Falls Green was an opportunity to combine two of Insight’s skill sets into a single project,” Maury Stern, Insight Property’s principal, told Commercial Observer. “Over the past 10 years, Insight has been active in developing ground-up luxury apartment communities, along with acquiring and asset managing stabilized properties.”
Falls Green required a heavy lift to reposition the operations from corporate housing to conventional market-rate housing, along with a large-scale design and construction project.
“Insight Property Group has always been attracted to the Falls Church area because of its small-town charm, rich history, central location and access to everyday amenities and an exceptional school system,” Stern said. “Within the community, Falls Green presented a unique opportunity to upgrade and modernize an incredible amount of indoor and outdoor space within the setting of an already established, thriving community.”
Falls Green features refreshed resort-like outdoor amenities including an expansive pool outfitted with cabanas, multipurpose sport courts, and an outdoor dog park and agility course. Newly renovated indoor amenities include a state-of-the-art fitness facility, a co-working lounge and a community market.
“With extensive community programming and brand-new amenity spaces designed for work, play and entertaining, Falls Green fosters a next-level lifestyle for all,” Lorin Atkins, Falls Green’s general manager, told CO.
Located between Tysons, Va., and Washington, D.C., the community is close to major transportation hubs, including the Metro and I-66.
Bozzuto Group manages the property.
