FCP JV Buys Maryland Apartments for $72M

Camden Largo Town Center. Image courtesy of FCP

A joint venture of FCP, Insight Property Group and AHC have acquired Camden Largo Town Center apartments in Largo, Md. The purchase price was $71.9 million. The property is being rebranded as Haven Largo. Camden Property Trust was the seller.

Located at 9701 Summit Circle in Upper Marlboro, Haven Largo is a 245-unit garden-style property built in 2001. The community extends across 11.5 acres and comprises seven three- and four-story buildings featuring a combination of construction materials. Apartments are offered in a mix of one-, two- and three-bedroom layouts. Features and finishes of apartments include vaulted ceilings, kitchen pantries, in-unit washers and dryers, private balconies and patios and in some units, fireplaces. An outdoor gazebo is among the common-area amenities. Occupancy stood at 95.4 percent at the time of sale.

Top submarket

In a statement, an FCP official observed the acquisition reflects the company’s ongoing commitment to preserving moderately-priced Washington, D.C.-area apartment communities. The official noted the property is both well-maintained and high-performing, and is situated in one of suburban Maryland’s leading submarkets.

The location of Haven Largo places it in the midst of a rapidly-growing area of Prince George’s County, Md. The property is convenient to I-95 and Washington, D.C., and minutes from the Largo Town Center Metro Blue Line Station and the Capital Beltway. National Harbor, Boulevard at Cap Center and FedEx Field can also be reached quickly. Among the prominent job hubs highly accessible to residents is the nearby University of Maryland Capital Region Medical Center.

Walker & Dunlop’s Chris Doerr and Will Harvey represented FCP in the transaction. Last month, FCP sold a North Carolina community for $56 million.