Partnership Acquires Apartment Community in Largo, Maryland, for $72M
LARGO, MD. — A partnership between investment firm FCP, developer Insight Property Group and Virginia-based nonprofit AHC has acquired Camden Largo Town Center, a 245-unit apartment community in Largo, just east of Washington, D.C.
The sales price was $71.9 million, or roughly $293,500 per unit. At the time of sale, the garden-style community was approximately 93.5 percent occupied. The new ownership plans to upgrade common areas, rebrand the community as Haven Largo and introduce income restrictions to certain residences.
Haven Largo features one-, two- and three-bedroom units that are furnished with kitchen pantries, rentable garages and private patios/balconies. Amenities include a pool, fitness center, and outdoor dining and lounge areas. In addition, Haven Largo offers proximity to Largo Town Center Metro Station and the Capital Beltway.
“FCP is excited to continue investing in our home market with the acquisition of a well-maintained and high-performing asset in one of the top submarkets in suburban Maryland,” says Scott Reibstein, associate at FCP. “As part of our commitment to the preservation of moderately priced apartment communities in the region, we plan to offer resident services and implement affordability requirements to a portion of the units.”
Chris Doerr and Will Harvey of Walker & Dunlop brokered the transaction. The seller was not disclosed.
— Taylor Williams