Two DC Area Firms Sell Takoma Multifamily Building for $50M

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Chevy Chase, Md.-based real estate investment company Federal Capital Partners (FCP) and Washington, D.C.-based real estate development firm Level 2 Development have sold an 150-unit apartment building called Takoma Central Apartments at 235 Carroll Street NW in D.C.’s Takoma neighborhood for $50.6 million, according to a joint announcement from the firms.

SEE ALSO: FCP Sells Final Three Apartment Buildings in Maryland Portfolio for $71M

The buyers were two real estate investment companies—D.C.-based Jair Lynch Real Estate Partners and Chevy Chase, Md.-based Artemis Real Estate Partners, according to an FCP spokeswoman. The deal closed on Aug. 29.

Jair and Artemis, who did not return a request for comment, were not represented by a brokerage. Dave Nachison and Brenden Flood of Eastdil Secured represented the seller. They declined to comment.

The project was developed by FCP and Level 2 for an estimated $36 million, the Washington Business Journal reported in 2013. The building was delivered in August 2015 and includes 9,000 square feet of ground-floor retail space, anchored by local restaurant chain Busboys and Poets. Other retailers at the development include Yoga Heights and S&A Beads.

“FCP is thrilled with the success of this remarkable property. Designed specifically to reflect the history and culture of its unique location, Takoma Central made vital connections between the existing fabric of Takoma and the Metro station while providing unmatched amenities and contemporary features to its residents,” said Summer Haltli, a vice president at FCP, in a prepared statement.

The building’s amenities include bike storage, a business center, a fitness center and a parking garage. Residents also have access to a coffee bar and a dry cleaning service.

About 14 percent of the units are studios, 58 percent are one-bedroom pads and 29 percent are two-bedroom apartments, per the FCP spokeswoman, who said that the residences are 95 percent occupied. Nine of the units are affordable and the remainder are market rate, which range from $1,485 to $2,230, per Apartments.com.