ARLINGTON, VA-Work is beginning on a new multifamily projecthere and, separately, $161 million in financing has been securedfor two apartment buildings in nearby Crystal City. In short, it isyet another day’s reporting on the Washington DC area’ commercialreal estate scene, which is currently dominated by this assetclass.

Insight Property Group has begun constructionof Grayson Flats Arlington, a 67-unit luxury apartment buildingscheduled to deliver this October. Bethesda, MD-basedBuvermo Investments is the equity partner in the$25 million development.

Founded in 2009 by industry veterans Richard Hausler and MichaelBlum, Insight Property Group has acquired more than 500 existingapartment units and has more than 1,000 units in its developmentpipeline. The four-story Grayson Flats will be the first completeddevelopment project for the Tysons Corner, VA-based company. Thecompany is also plans to build in downtown Silver Spring, MD, andin Alexandria, VA. Two aditional projects -- anotherdevelopment in Arlington and one on H Street, NE in Washington, DC-- will follow after those. Clark Builders Group is thegeneral contractor for Grayson Flats; Bozzuto Management Companywill handle leasing and property management. Cardinal Bank provideda $19 million construction loan.