Terms of the deal were not disclosed. Rick Shinberg, of Bethesda, MD-based First Capital Realty, brokered the deal. Built in 1983, it includes one-, two- and three-bedroom units and 24 townhomes. It features a clubhouse, two swimming pools, two tennis courts and a sport court and fitness center. The occupancy level at the time of the sale was in the mid-90s.

The property is located just east of Capital Boulevard (US Route 1.) "This property is directly south of Triangle Town Center is an area that is experiencing growth," Mission Residential managing principal David Wieland tells GlobeSt.com. "It was previously owned by an institutional investor so it's in great condition."

Wieland says the company plans to make some capital improvements to the property, with the goal of raising rents.