Chevy Chase-based FCP, along with Insight Property Group and AHC of Arlington, have acquired the Camden Largo Town Center apartments, a 245-unit development at 9701 Summit Circle, for $71.9 million. The Prince George’s County property will be rebranded as Haven Largo.
Camden Property Trust (NYSE: CPT), which has owned the property since 2007, was the seller. The apartments average 1,027 square feet with rents that average $1,776 a month. The development was 97% occupied as of its latest annual report earlier this year.
The apartment community, which has one, two and three-bedroom units, is “a well-maintained and high performing asset in one of the top submarkets in suburban Maryland,” FCP’s Scott Reibstein said in a statement. He added the new owners plan to expand some resident services while implementing affordability requirements for a fraction of the units.
