FCP, Level 2 Sell Takoma Central Multifamily in DC

WASHINGTON, DC—FCP and partner Level 2 Development have sold the 150-unit Takoma Central apartment complex here in a deal valued at $50.6 million.

The property at 235 Carroll Street, NW, in the Takoma neighborhood of Washington, DC, was sold to a joint venture of Jair Lynch Real Estate Partners and Artemis Real Estate Partners, according to a published report in Bisnow.com.

Takoma Central features one and two-bedroom apartment homes anchored by 9,000 square feet of retail including destination restaurant Busboys & Poets, as well as Yoga Heights, and longtime Takoma Park retailer, S&A Beads. The property is located adjacent to the Takoma Metrorail station and was the first new ground-up development in this historic urban village in four years.

“FCP is thrilled with the success of this remarkable property,” says FCP VP Summer Haltli. “Designed specifically to reflect the history and culture of its unique location, Takoma Central made vital connections between the existing fabric of Takoma and the Metro station while providing unmatched amenities and contemporary features to its residents.”

Takoma Central was designed to LEED standards with sustainable and health-focused elements and is smoke-free throughout the property.

Dave Nachison and Brenden Flood of Eastdil represented Chevy Chase, MD-based FCP and Level 2 of Washington, DC in the transaction. The Bozzuto Group was in charge of the leasing and management of the property.

Back in June, FCP increased its multifamily portfolio in Florida with the $23.6-million purchase of the Royal Isles garden apartment community in Orlando. In April, FCP made news with the $302-million disposition of an 11-asset apartment portfolio in Maryland to the Strata Equity Group.