EQUITY FOR THE SALE OF VINE PLACE II & VINE PLACE III
Washington D.C. – October 13, 2010 - MAC Realty Advisors, LLC (MAC) has announced today the successful placement of equity for the sale of 214 garden style apartment units known as Vine Place II & Vine Place III in Stafford, VA.
The MAC sales team was led by Executive Directors Andrew McAllister and Bruce Levin, who represented the buyer. Insight Property Group purchased the Vine Place Apartments for $15.9 Million.
The property was built in two phases–the 172 units of Vine Place Ii in 1995 and the 42 units of Vine Place III in 1997–but it operates through one seamless management and leasing office and enjoys a tree-lined setting with a pool and community playground. It also sits less than a half-mile from a wide variety of big box and convenience shopping.
The Vine Place Apartment community is located near Interstate 95 and the Quantico Marine Base in Virginia, approximately 30 miles south of Washington, DC. According to Insight Principal Richard W. Hausler, “This property falls squarely in the WashingtonDC/ I-95 defense corridor that serves the bases and federal employers from the Pentagonto Fredericksburg.”
The property is slated by Insight for a moderate re-branding and repositioning. Insight has hired new property management and plans to invest significant dollars to upgrade amenities, landscaping, signage and building entrances.
MAC Realty Advisors, LLC (“MAC”) is a DC-based, full-service, real estate advisory firm specifically focused on the residential developer and apartment-owner community. Our key service lines include apartment building sales, land sales, debt & equity placement, and advisory services. MAC assists clients in obtaining financing from multiple sources: Fannie Mae, Freddie Mac, FHA, credit companies, REITs, commercial banks and private investors. The key members of MAC have acted as principals in ground-up development, land development, core/core-plus investing and real estate lending.
Insight Property Group LLC acquires, repositions and develops well-located apartments and mixed-use real estate in the Greater Washington, DC Metropolitan region.