FCP Sells Affordable Communities in DC Area for $56M
The properties are part of the larger St. Charles portfolio that the company purchased in 2009 and is selling in stages.
Preservation Partners has purchased two affordable housing properties totaling 340 units in St. Charles, Md., a master-planned community 13 miles from the D.C. Beltway. The $56 million transaction is part of FCP’s plan to sell the entire Apartments of St. Charles portfolio, acquired by the company in 2009.
The properties are located roughly 28 miles south of downtown D.C. According to Yardi Matrix data, Headen House, situated at 222 Smallwood Place in Waldorf, Md., features 136 affordable units. Built in 1980, the asset offers one- and two-bedroom apartments and 136 parking spaces. Located at 3000 Gallery Place, the 204-unit Huntington community includes one-, two- and three-bedroom apartments.
FCP purchased the St. Charles portfolio for $36 million as part of its American Community Properties Trust (APO) acquisition. Since 2009, FCP has been repositioning and disposing of parts of the APO portfolio, including an 11-community, $302 million sale to an affiliate of Strata Equity Group, in April.
Image courtesy of Yardi Matrix