September 8, 2022
AHC Inc., along with partner Insight Property Group, purchased the property formerly known as Colvin Woods Apartments located in Fairfax County, Virginia, for $72 million. Rebranded as Haven Reston, the 259-unit community will be preserved as affordable apartments for 30 years.
The property was a naturally occurring affordable community with no existing rent restrictions to safeguard affordability. In partnership with Fairfax County Redevelopment and Housing Authority, AHC and Insight plan to preserve and increase long-term, dedicated residential affordability.
The affordability goals will be implemented in a phased approach over three to five years, to achieve an apartment mix serving households between 60% area median income (AMI) and 80% AMI. AHC’s award-winning Resident Services will collaborate with the new ownership team to assess and plan for community needs.
“Through our joint venture with Insight and with significant support from Fairfax County, we’re ensuring housing security for hundreds of individuals and families for decades into the future,” says Paul Bernard, AHC Inc. President & CEO. “Preserving the affordable housing in this beautiful woodland area, full of nearby amenities, is central to our mission of helping residents thrive.”
Haven Reston is located at 11012 Becontree Lake Dr. in Reston and was built in 1979. The 47-acre property is less than 10 minutes from Reston Town Center, the Wiehle and Reston Town Center Metrorail stations, and the Dulles Toll Road. The property includes one- and two-bedroom apartments along with a community clubhouse, playground, fitness center and swimming pool.
Over the next four years, AHC and Insight will invest in improvements to update the exteriors, site, and common areas.
“Insight is proud to have partnered with Fairfax County and AHC in order to preserve this much-needed affordable housing,” said Tim White, Principal at Insight Property Group.
“Preservation is about making key investments in existing residential infrastructure to advance our continuing goal of ensuring that everyone who works in Fairfax County can also afford to live here,” said Fairfax County Board of Supervisors Chairman Jeffrey C. McKay. “Our $15 million investment in Colvin Woods Apartments will provide significant affordable rental options in a community of high opportunity with access to transit, employment, medical services, recreation, and all the very best of what Fairfax County has to offer.”
About AHC Inc.
Founded in 1975, AHC Inc. is a nonprofit developer of affordable housing that provides quality homes plus education programs and social services for low-and moderate-income families. Based in Arlington, VA, AHC has developed nearly 8,000 apartment units in 50+ properties in Virginia, Maryland and Washington, D.C. AHC’s Resident Services program reaches 3,000 children, teens, adults, and seniors each year. For more information, visit www.ahcinc.org.
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About Insight Property Group
About Insight Property Group: Insight Property Group acquires and develops mixed-use and residential communities in the Washington Metropolitan area. Since its inception in 2009, it has built a broad portfolio of housing including affordable, workforce, mixed-use and luxury rental communities as well as infill for-sale townhomes. With more than $1.5 billion in investments, Insight has purchased, re-positioned and constructed more than 4,800 residential units and 200,000 square feet of commercial space with another 1,250 units and 120,000 sf of retail in the immediate pipeline. The company is recognized for delivering memorable, neighborhood-centric projects. For more information, visit www.insightpropertygroupllc.com.
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About the Fairfax County Redevelopment and Housing Authority The Fairfax County Redevelopment and Housing Authority (FCRHA) serves nearly 20,000 residents through a variety of rental housing assistance and homeownership programs and owns and operates nearly 4,000 units of housing – including multifamily housing, senior housing, licensed assisted living and specialized housing for tenants with a variety of needs. The FCRHA also oversees and administers Fairfax County’s land use housing programs and the investment of public land and local funds (including state and federal grants) to increase and/or preserve the county’s stock of affordable homes.
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