The sprawling Oakwood Apartments in the City of Falls Church, with its 576 rental units, has been sold for $132 million, according to a report in the Washington Business Journal today. The new owner, the Arlington-based Insight Property Group, in conjunction with a San Francisco investor group, plans to invest $7 million in new renovations at the 501 N. Roosevelt complex.
Originally built in 1976, Oakwood has been an oft-used U.S. State Department temporary living facility for foreign diplomats with assignments to the D.C. area. Many of the units are fully furnished to accommodate extended stays for weeks or months at a time. According to the Business Journal, over 10 potential buyers were approached. Overall, the deal was agreed to and executed in just a month.