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Lindley Estes is a business writer for The Free Lance-Star and Fredericksburg.com. This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Vine Place Apartments in North Stafford sold for $15.9 million

Insight Property Group LLC bought the 214-unit Vine Place Apartment community in North Stafford for $15.9 million, the McLean-based firm announced yesterday. Vine Place is on 100 Timberlake St. near the Garrisonville Road interchange off Interstate 95. The seller was an affiliate of SunAmerica.

Vine Place, which was completed in 1997, has received mixed reviews, as this site shows. Insight said in its announcement that the community is slated for “a moderate re-branding and repositioning.” The company has hired new property management and “plans to invest significant capital to upgrade amenities, landscaping, signage and building entrances.”

“Vine Place is a solid, well-located community with interstate visibility and access,” Insight principal Michael Blum said in the prepared announcement. “It just needs care and attention.”

Insight has changed the name of the community to Arbor Grove.

This is Insight’s fifth multifamily acquisition since the group was formed about a year ago. Insight bought the 90-unit Windover Villas in Spotsylvania County this past June.

The apartment market has been buoyed by a trend toward people deciding to rent rather than buy in the face of high unemployment, foreclosures and economic uncertainty.

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Permalink: http://news.fredericksburg.com/businessbrowser/2010/09/29/vine-place-apartments-in-north-stafford-sold-for-15-9-million/