Insight Property Group Acquires Reston Multifamily For $72M

A multifamily property located at 11012 Becontree Lake Drive in Reston, VA, has been sold for a transaction amount of $72,000,000. The property comprises 259 units, with a price per unit of $277,992. The seller, Penzance Management, completed the sale to the buyer, Insight Property Group, in partnership with Tim White and AHC Inc. The transaction was facilitated by the brokerage firm CBRE.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $72,000,000
• Address: 11012 Becontree Lake Drive, Reston, VA
• Market: Reston, VA
• Buyer: Insight Property Group - Tim White & AHC Inc
• Seller: Penzance Management
• Broker: CBRE
• Units: 259
• Price Per Unit: $277,992

Insight Property Group, in collaboration with Tim White and AHC Inc, acted as the buyer in this transaction. Penzance Management, the seller, successfully completed the sale of the multifamily property. CBRE, a leading brokerage firm, facilitated the deal.