FCP ACQUIRES LARGO, MD APARTMENT COMMUNITY FOR $71.9 MILLION
CHEVY CHASE, Maryland, March 25, 2022 /PRNewswire/ — FCP® with partners Insight Property Group and AHC announce the acquisition of Camden Largo Town Center apartments in Largo, MD for $71.9 million. The 245-unit community at 9701 Summit Circle will be rebranded Haven Largo.
“FCP is delighted to continue to invest in our home market with the acquisition of a well-maintained, high-performing asset in one of the suburb’s premier submarkets. Maryland“, said the FCP Scott Reibstein. “As part of our commitment to preserve communities of moderately priced apartments in the washington d.c. region, we plan to offer services to residents and implement affordability requirements for a portion of the units. »
“Insight is delighted to partner with Prince George’s CountyAHC and FCP on this acquisition, where we will be able to create much-needed affordable housing in an exceptional location,” said Tim WhitePartner at Insight Property Group.
“AHC is thrilled to acquire our first community in Prince George’s County in partnership with the county, Insight Property Group and FCP,” said Marie-Claire Davis, AHC Manager of Greater Baltimore. “We appreciate the county’s commitment to providing affordable long-term rents in such a prime location, and we look forward to adding programs and services to further improve residents’ quality of life.”
Haven Largo is a low-density garden apartment community offering a tranquil setting in a rapidly growing submarket in Prince George County, MD. The community is minutes from the Largo Town Center subway station and the Capital Beltway. Residents of the spacious one, two and three bedroom apartments have access to major employment centers including the University of Maryland Capital Region Medical Center. Apartment amenities include washers and dryers, vaulted ceilings, pantries, and garages for rent. The community has a fitness center, swimming pool, grilling areas and an outdoor gazebo.
FCP expresses its gratitude to Chris Doer and Will Harvey of Walker & Dunlop for their representation.
FCP® is a private real estate investment company that has invested or financed more than $9.3 billion of assets since its creation in 1999. FCP invests directly and with operating partners in commercial and residential assets. The Company makes equity and mezzanine investments in income-generating and development properties. Situated at Chevy Chase, MDthe FCP invests both its common and discretionary funds and its separate accounts intended for the main real estate markets in United States. For more information on the FCP, please visit www.fcpdc.com.
About Insight Real Estate Group
About Insight Property Group: Insight Property Group acquires and develops mixed-use and residential communities in the Washington Metropolitan area. Since its inception in 2009, it has built a broad portfolio of housing including affordable, labor, mixed-use and luxury rental communities, as well as infill townhouses for sale. With over $1.5 billion in investments, Insight has purchased, repositioned and built over 4,800 residential units and 200,000 square feet of retail space with another 1,250 units and 120,000 square feet of retail in the immediate pipeline. The company is known for delivering memorable neighborhood-focused projects that generate strong returns for its partners. For more information, visit www.insightpropertygroupllc.com.
Founded in 1975, AHC Inc. is a non-profit affordable housing developer that provides quality housing, education programs and social services to low- and middle-income families. Situated at Arlington, VirginiaAHC has developed over 7,800 apartments in over 50 properties in Virginia, Maryland and washington d.c. AHC’s Resident Services program reaches 3,000 children, teens, adults and seniors each year.
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