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Real Estate
Jax Daily Record Friday, Aug. 23, 201902:04 PM EST

Townsend Apartment Homes in Arlington sold

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Chevy Chase, Maryland-based company pays $28 million for the community.
by: Scott Sailer Staff Writer

Townsend Apartment Homes in Arlington was sold Tuesday for $28 million.

Chevy Chase, Maryland-based FCP, a privately held real estate investment company, was the buyer.

The property is comprised of two properties at 3450 and 3501 Townsend Blvd. on the east and west sides of the street. 

The 10.74-acre property at 3450 Townsend Blvd. was purchased by FCP subsidiary Townsend Apartments West LLC for $15.27 million. It assumed a $9.47 million mortgage from J.P. Morgan Chase Commercial Mortgage Securities Corp. 

The 11.74-acre property at 3501 Townsend Blvd. was purchased by Townsend Apartments East LLC for $13.8 million. It assumed a $8.95 million mortgage from FCP Realty Fund IV L.P. and Fannie Mae.

The seller of both properties was Delray Beach-based Harvest Holdings LLC, through subsidiaries HH Townsend LLC and HH Eagles Pointe LLC. 

HH Townsend LLC paid $12.75 million for the west property in 2016 and HH Eagles Pointe LLC purchased the east property in 2017 for $11.85 million.

FCP says it invests in moderate-income multifamily properties and increases their value through capital improvements and management.

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