LARGO, MD – Privately-held real estate investment company FCP, multifamily acquirer and developer Insight Property Group and nonprofit affordable housing developer AHC have acquired a 245-unit multifamily community in Largo, MD for $71.9 million.
Located at 9701 Summit Circle, the acquired property, Camden Largo Town Center, will be rebranded to Haven Largo.
The low-density, garden-style apartment community offers one-, two- and three-bedroom floorplans. The units feature washers and dryers, vaulted ceilings, kitchen pantries and rentable garages. The asset's community amenities include a fitness center, a swimming pool, grilling areas and an outdoor gazebo.
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Located in the growing submarket of Prince George's County, the asset is situated near the Largo Town Center metro station, the Capital Beltway and major employment centers, including the University of Maryland Capital Region Medical Center.
"Insight is thrilled to partner with Prince George's County, AHC and FCP on this acquisition, where we will be able to create much-needed affordable housing in an exceptional location," states Tim White, partner at Insight Property Group.
"AHC is delighted to acquire our first community in Prince George's County in partnership with the county, Insight Property Group and FCP," says Mary Claire Davis, AHC's Greater Baltimore director. "We appreciate the county's commitment to providing long-term rental affordability in such a prime location, and look forward to adding programming and services to further enhance residents' quality of life."
"FCP is excited to continue investing in our home market with the acquisition of a well-maintained and high performing asset in one of the top submarkets in suburban Maryland," states FCP's Scott Reibstein. "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."
Walker & Dunlop's Chris Doerr and Will Harvey represented FCP in the transaction.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
