Takoma Central Apartment Building Trades For $51M
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.