THIRD EQUITY INVESTMENT PLACED FOR INSIGHT PROPERTY GROUP
MAC placed a $1.2 million preferred equity investment from a New York-based investor for the acquisition of Windover Villas located in Fredericksburg, Virginia. Windover Villas is a rental community of 90 single-family homes built in 1995 under the Low Income Housing Tax Credit (LIHTC) program. Under the terms of this program, the units are available to households earning 60% or less of the Area Median Income (AMI) for the Washington, DC MSA. This property is well located close to major employers and is part of a large residential subdivision of for-sale single family homes. Windover Villas provides an attractive and unique rental alternative in the Fredericksburg market.
This transaction represents MAC's third equity placement for Insight Property Group. In September 2010, MAC also placed a $4.2 million joint venture equity investment for Insight's acquisition of Vines II and III in Stafford, Virginia. In June 2011 MAC placed a $2.2 million preferred equity investment for Insight's acquisition of Townsend Square, also located in Fredericksburg. Both of these properties operate under the LIHTC program at 50% and 60% of AMI.
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