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. Apartment amenities include in-unit washers and dryers, vaulted ceilings, kitchen pantries and rentable garages. The community also has a fitness center, a swimming pool, grilling areas and an outdoor gazebo.
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.
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.
Keith Loria can be reached at Kloria@commercialobserver.com.