A joint venture between Insight Property Group and AHC Inc. acquired the Colvin Woods Apartmentsa 259-unit community in Reston, Va., for $72 million.

Upon acquisition, the community name was renamed Haven Reston.

Penzance Management was the seller.

The deal was partially funded by a $15 million low-interest loan from Fairfax County, in conjunction with the Fairfax County Redevelopment and Housing Authority.

Currently, apartments are considered “market affordable”, available to households earning no more than 100% of the area median income (AMI). The new owners will phase in affordable housing over the next three to five years for households earning between 60 and 80 percent of the AMI, which is currently $142,300 for a household of four. No current residents will be displaced for the next five years, regardless of income.

“Over 40% of Insight’s portfolio has been affordable with income restrictions or purchased with a focus on workforce housing,” Tim White, director of Insight, told Commercial Observer. “The acquisition of Haven Reston continues this commitment to affordable housing that has been part of Insight’s DNA since its inception in 2009.”

Built in 1979, and located at 11012 Becontree Lake Parkwaythe new Haven Reston offers one and two bedroom apartments and offers a community clubhouse, playground, fitness center and swimming pool.

As part of a renovation program, the new owners will make various capital improvements such as replacing HVAC equipment, repairing asphalt and adding outdoor amenities.

“Affordable housing continued to be a challenge for the DC area,” White said. “With the cost of housing rising at a historic rate, this challenge has become an even bigger issue. Insight is committed to doing its part to help alleviate some of the stress families face when looking for an affordable home.

CBRE represented both parties in the transaction.

Keith Loria can be reached at [email protected].