Ravensworth Towers Apartments Update 05/11/20
Insight Property Group Acquires Ravensworth Towers Apartments for $60M
Berkadia announced that it arranged for a 75% loan to value ratio $45.5 mil Freddie Mac loan for Insight Property Group, putting the sale price around $60 mil. Insight bought the property off Aimco, represented by Cushman & Wakefield.
Insight Property Group brought on Rock Creek Property Group and ELV Associates to renovate the property, investing another $3-4 mil. Insight Property Group also brought on Bell Partners to manage the property.