All three assets—Bannister, with 208 units, Palmer, with 152 units and Wakefield Terrace with 204 units—are centrally located in St. Charles, Md., within the master-planned community and are within walking distance to amenities including schools, grocer-anchored retail and community centers.
Mike Muldowney, Michael Rudolph, Jeff Kunitz and Alex Medeiros of CBRE handled the marketing, sale and financing of the transaction.
The properties were a part of a larger portfolio that FCP has been offloading over the last six months, and this deal marks the final disposition of the St. Charles portfolio, which sold for a combined $435.3 million.
FCP purchased the St. Charles portfolio in 2009 for $36 million as part of its American Community Properties Trust (APO) acquisition.
Last month, FCP sold two affordable communities totaling 340 units in the Washington, D.C., area to Preservation Partners for $56 million.
Image courtesy of FCP