Suburban Maryland Apartment Complex Commands $72M
By Keith Loria March 25, 2022 12:04 pm
reprints
A joint venture between FCP, insight property group and AHC has acquired the Camden Largo Town Center Apartments in Largo, Md., for $71.9 million from Camden Property Trust.
Located at 9701 Summit Circle in Prince George’s County, the 245-unit community will be rebranded Haven Largo.
“This was a well-located, transit-oriented product proximate to suburban Maryland’s largest employment drivers,” Scott Reibstein, an associate for FCP’s multifamily division, told Commercial Observer. “It was a well-maintained asset with minimal capital needs.”
Haven Largo is a garden apartment community that features one-, two- and three-bedroom units. Amenities include in-unit washers and dryers and vaulted ceilings, while the community also has a fitness center, a pool and an outdoor gazebo, among other additions.
The property is located minutes from the Largo Town Center Metro and the Capital Beltway, and offers proximity to major employment centers including the nearby University of Maryland Capital Region Medical Center.
Although the new buyers are largely going to continue to operate the asset as is, Reibstein noted the firm will explore some cosmetic upgrades to building exteriors as well as common area amenities.
“As part of our commitment to the preservation of moderately priced apartment communities in the Washington, D.C., region, we plan to offer resident services and implement affordability requirements to a portion of the units,” he said in a statement.
Chris Doerr and Will Harvey of Walker & Dunlop represented both sides in the deal.
Requests for comment from the seller and brokers were not immediately returned.
Update: This story originally misattributed source material. This has been corrected. We apologize for the error.
Keith Loria can be reached at Kloria@commercialobserver.com.
