SECOND EQUITY INVESTMENT PLACED FOR INSIGHT PROPERTY GROUP
MAC placed a $2.2 million preferred equity investment from a New York-based investor for the acquisition of the Townsend Square Apartments located in Fredericksburg, Virginia. Townsend Square is a 200-unit garden apartment property built in 1995.
This was MAC's second equity placement for Insight Property Group. In September 2010, MAC also placed a $4.2 million joint venture equity investment for Insight for their acquisition of Vines II and III in Stafford, Virginia. The Vines properties also operate under the LIHTC program with rents at 50% and 60% of AMI.
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