FCP, Level 2 Sell DC-Area Luxury Community
- Sep 06, 2018
Federal Capital Partners and Level 2 have let go of one of their multifamily projects completed in 2015 in the Washington, D.C., area. The 150-unit Takoma Central sold for $50.6 million in a transaction arranged by Eastdil Secured Managing Director Dave Nachison and Director Brenden Flood. At the time of delivery, the luxury property represented the first new ground-up development to be delivered in the historic Takoma neighborhood in four years.
The asset is located at 235 Carroll St. NW and is adjacent to the Takoma Metrorail station. It comprises studio, one- and two-bedroom units as well as 9,000 square feet of retail space that currently houses a restaurant, yoga studio and arts-and-crafts business. According to real estate data provider Yardi Matrix, the LEED-certified property was 91 percent leased in July with monthly rents averaging $2,154.
Units range from approximately 400 to more than 1,300 square feet and feature high ceilings, plush-carpeted bedrooms, wide-plank oak flooring in living rooms and kitchens, balconies and patios and views of Capitol Hill. Some of the energy-saving elements include:
- building materials that use a minimum of 20 percent recycled content
- reflective white roof to minimize heat island effect
- Energy Star appliances
- low-emitting carpet, paint and adhesives.
The sale comes a few months after FCP sold River Pointe, a 170-unit community located roughly 14 miles south of Washington, D.C. The asset sold for half the price paid for Takoma Central.
Image courtesy of FCP