{"id":1004036493,"date":"2012-02-13T06:19:36","date_gmt":"2012-02-13T14:19:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004036493"},"modified":"2025-02-25T00:00:57","modified_gmt":"2025-02-25T08:00:57","slug":"insight-spends-75m-to-transform-silver-spring-post-office-into-apartments","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\/","title":{"rendered":"Insight Spends $75M to Transform Silver Spring Post Office into Apartments"},"content":{"rendered":"

February 13, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

While the United States Post Office looks for way to streamline its operations, two of the company\u2019s former properties have found new life as repurposed structures. The first was the Trump Organization\u2019s announcement last week that it will spend $200 million on the renovation of Washington, D.C.\u2019s Old Post Office Building<\/a>, converting the structure into a luxury hotel. The second deal comes courtesy of Insight Property Group, along with partner Nova-Habitat Inc., which selected the USPS\u2019s Silver Spring facility as the site of a 310-unit, $75 million apartment project.<\/p>\n

The development, slated to be complete in the fourth quarter of this year, is Insight\u2019s fourth Metro-focused acquisition, as the site sits directly in the Silver Spring Central Business District, in close proximity to train lines. \u201cThis property is a gateway location in the Silver Spring Central Business District, with great access and visibility,\u201d Sarah Davidson, a partner at Insight, said.\u00a0 \u201cOur residents will ride on Metro and walk to\u00a0restaurants, entertainment and major downtown employers.\u201d<\/p>\n

Insight has also been on the trail of middle-income properties, as \u201cthe market is not producing new middle-income apartments in the D.C. area,\u201d according to Richard Hausler, principal with Insight,\u201d and there is strong demand from middle-income renters who need apartments.\u201d<\/p>\n

Research from Marcus & Millichap Real Estate Investment Services Inc. back up Hausler\u2019s claim. While solid demand for apartments continues in the nation\u2019s capital \u2013 vacancy rates in D.C., and in nearby Maryland and Virginia communities has dropped to less than 5 percent \u2013 construction isn\u2019t expected to make a dent in those figures until starts begin later in 2012. According to a fourth-quarter 2011 report, rents were expected to grow at a steady pace through the end of 2011, and \u201ca more robust pace of growth should materialize late next year as expanded employment opportunities result in greater tenant turnover within the market.\u201d<\/p>\n

Purchase financing for the Silver Spring development was provided by Eagle Bank of Bethesda, Md.<\/p>\n","protected":false},"excerpt":{"rendered":"

Insight Property Group, along with partner Nova-Habitat Inc., has selected the USPS’s Silver Spring facility as the site of a 310-unit, $75 million apartment project.<\/p>\n","protected":false},"author":1201,"featured_media":1004038842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21783,21742,21785,1615],"tags":[],"class_list":["post-1004036493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-investment","category-latest","category-property-management","category-washington-dc"],"acf":[],"yoast_head":"\nInsight Spends $75M to Transform Silver Spring Post Office into Apartments - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insight Spends $75M to Transform Silver Spring Post Office into Apartments\" \/>\n<meta property=\"og:description\" content=\"Insight Property Group, along with partner Nova-Habitat Inc., has selected the USPS's Silver Spring facility as the site of a 310-unit, $75 million apartment project.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-13T14:19:36+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-25T08:00:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/02\/021312-Insight-Post-Office-Silver-Spring.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"623\" \/>\n\t<meta property=\"og:image:height\" content=\"431\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Insight Spends $75M to Transform Silver Spring Post Office into Apartments\",\"datePublished\":\"2012-02-13T14:19:36+00:00\",\"dateModified\":\"2025-02-25T08:00:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/\"},\"wordCount\":345,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/02\\\/021312-Insight-Post-Office-Silver-Spring.jpg\",\"articleSection\":[\"Development\",\"Featured\",\"Investment\",\"News\",\"Property Management\",\"Washington D.C.\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/insight-spends-75m-to-transform-silver-spring-post-office-into-apartments\\\/\",\"name\":\"Insight Spends $75M to Transform Silver Spring Post Office into Apartments - 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