The joint venture with Insight Property Group and FCP preserves affordable living opportunities in job-rich, metro-accessible Largo Town Center.
March 29, 2022
Affordable Homes & Communities (AHC) with partners Insight Property Group and Federal Capital Partners (FCP) announce the purchase of the property formerly known as Camden Largo Town Center apartments for $71.9 million in Largo, MD. Forty percent (98 apartments) of the 245-unit community will be preserved as affordable for 15 years. The community at 9701 Summit Circle will be rebranded Haven Largo.
The opportunity was awarded through Prince George’s County’s Right of First Refusal (ROFR) program, which gives Prince George’s County Department of Housing and Community Development (DHCD) the authority to purchase properties to expand the availability of affordable rental housing in the County.
The commitment ensures that 10% of the property (25 units) are available to households earning up to 60% of the Area Median Income (AMI) and 30% of the property (73 units) are available to those with incomes at or below 80% AMI.
“AHC is delighted to acquire our first community in Prince George’s County in partnership with the County, Insight Property Group, and FCP,” said Mary Claire Davis, Director of Affordable Homes & Communities-Greater Baltimore (AHC-GB). “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 the quality of life for our residents.”
Haven Largo is an attractive, well-located garden apartment community in a tranquil setting in a quickly growing submarket in Prince George’s County, MD. The community is minutes from the Largo Town Center Metro Station and the Capital Beltway. Residents of the spacious one-, two-, and three-bedroom apartments have access to major employment centers, including the nearby University of Maryland Capital Region Medical Center. Apartment amenities include in-unit washers and dryers, vaulted ceilings, kitchen pantries, and rentable garages. The community has a fitness center, swimming pool, grilling areas, and an outdoor gazebo. “This multifamily apartment community sits in the heart of downtown Largo, a vibrant and growing retail center,” said County Executive Angela Alsobrooks. “With the new University of Maryland Capital Region Medical Center and the Blue Line Metro Station, downtown Largo is critical for our economic development vision along the Blue Line Corridor. With increasing market demand of rental property, exercising our Right of First Refusal program is not only helping us to protect and expand quality, safe homes that residents of all incomes can afford, but also plays a key role in contributing to the creation and preservation of healthy and inclusive communities where access to opportunity is increased.”
“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,” said Tim White, Partner at Insight Property Group.
“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,” said 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.”
About Affordable Homes & Communities (AHC)
Founded in 1975, AHC is a nonprofit developer of affordable housing that provides quality homes plus education programs and social services for low-and moderate-income families. Based in Arlington, VA, AHC has developed more than 7,800 apartment units in 50+ properties in Maryland, Virginia, and Washington, D.C. AHC’s Resident Services program reaches 3,000 children, teens, adults, and seniors each year. For more information, visit ahcinc.org.
About Insight Property Group
About Insight Property Group: Insight Property Group acquires and develops mixed-use and residential communities in the Washington Metropolitan area. Since its inception in 2009, it has built a broad portfolio of housing including affordable, workforce, mixed-use and luxury rental communities as well as infill for-sale townhomes. With more than $1.5 billion in investments, Insight has purchased, re-positioned and constructed more than 4,800 residential units and 200,000 square feet of commercial space with another 1,250 units and 120,000 sf of retail in the immediate pipeline. The company is recognized for delivering memorable, neighborhood-centric projects that create strong returns for its partners. For more information, visit www.insightpropertygroupllc.com.
About FCP
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com
Media Contact: Jennifer K. Smith, Director of Communications, jennifer.smith@ahcinc.org/ 703-486‑0626 x1118