New Owners Plan to Invest Several Million to Upgrade Canterbury Square Apartments

Investors who have purchased a large apartment complex in greater Alexandria say they plan to invest several million dollars to upgrade all of the units and common areas.

Insight Property Group (IPG) and RSE Capital, a division of Fundrise, recently purchased the Canterbury Square Apartments, located on Richmond Highway near Fort Belvoir's main gate. The complex has around 76 units in a mix of studios and one- and two-bedrooms, and features amenities such as a fitness center, playground, and barbecue and picnic areas.

IPG and RSE Capital announced the investment this week, and said they plan to invest at least $200 million in D.C.-area real estate annually, to help address the limited supply of middle-market housing in the growing region.

The two groups say they are currently in the process of closing sales on two other properties containing more than 350 units as well.

Gates Hudson, a Fairfax-based management company, will reportedly manage the Canterbury Square apartments moving forward, as well as the two other properties once those sales close.

Image courtesy of Canterbury Square Apartments website.