A joint venture between PCCP and Insight Property Group bought Oakwood Falls Church, a four-building apartment community in Falls Church, Virginia, for $132m. Built in 1974, the property features one three-story and three seven-story buildings across 12 acres. Amenities include a 15,000 sq ft clubhouse, 22 laundry facilities and an on-site convenience store. At the time of the sale, the asset was 80 percent leased.
“Oakwood has historically operated over half of the property in its extended-stay program, creating the opportunity for our joint venture to acquire an infill community with a value-added play,” said John Randall, partner at PCCP LLC. “We plan to update common areas and focus on making this an attractive long-term home for renters.”
