Takoma Central Apartment Building Trades For $51M

Takoma Central Busboys and Poets
The Takoma Central Apartment Building With Busboys And Poets In The Ground Floor

A 150-unit apartment building in Takoma, featuring popular D.C. restaurant chain Busboys and Poets on the ground floor, has just traded hands for over $50M.

FCP and Level 2 Development sold Takoma Central to a joint venture of Jair Lynch Real Estate Partners and Artemis Real Estate Partners for $50.6M, according to documents posted Wednesday with the D.C. Recorder of Deeds.

The project at 235 Carroll St. NW sits two blocks west of the Takoma Metro station and one block south of the D.C.-Maryland border. FCP and Level 2 developed Takoma Central in 2015. The building has 10K SF of ground-floor retail anchored by Busboys and Poets and also includes a Wells Fargo branch.

"FCP and Level 2 are thrilled with the successful execution of Takoma Central and congratulate Jair Lynch and Artemis on their purchase of this remarkable mixed-use property in the historic Takoma neighborhood," an FCP spokesperson said in a statement provided to Bisnow. "Takoma Central makes vital connections between the existing fabric of Takoma and the Metro station while providing unmatched amenities and contemporary features to its residents.”

Along with the acquisition, the buyers received a $28.5M loan from Webster Bank, documents in the Recorder of Deeds office show.

Jair Lynch has several projects in the works, including the 1250 Half St. SE mixed-use development near Nationals Park, the redevelopment of the Penn Branch Shopping Center in Ward 7 and the renovation of a Howard University dormitory into apartments. Investment firm Artemis Real Estate Partners has offices in Chevy Chase, Maryland, New York and Los Angeles.

The deal follows FCP's March sale of a Dulles office building for $226M, three years after buying it for $84M and leasing it to Amazon Web Services. The firm is also partnering with Level 2 on the development of The Highline at Union Market apartment building.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Washington, D.C. Newsletters
Related Stories

270-Unit Manassas Gated Community Sells: The D.C. Deal Sheet

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

BXP Closes In On Next D.C. Office Development As It Shrinks Assets

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

How Metropolis Is Bringing Parking Into The Future With AI And Recognition Technology

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing