FCP℠ and Level 2 Development (Level 2) announce the $50.6 million sale of Takoma Central, a 150-unit Class-A, mixed-use project developed by FCP and Level 2 completed in August 2015. Located in the heart of the historic Takoma neighborhood at 235 Carroll Street, NW, Takoma Central features 1 and 2-bedroom apartment homes anchored by 9,000 square feet of retail including destination restaurant, Busboys & Poets, yoga studio, Yoga Heights, and longtime Takoma Park retailer, S&A Beads. Takoma Central 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 Vice President, Summer Haltli, said, “FCP is thrilled with the success of this remarkable property. 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 complement the architectural character, context and spirit of the Takoma neighborhood and features a sunlit lobby with elegant seating defined by flowing sheer panels and surrounded by local, curated art. The project was designed to LEED standards with sustainable and health-focused elements and is smoke-free throughout the property.
FCP and Level 2 extend their appreciation to Dave Nachison and Brenden Flood of Eastdil for their representation in the sale and to The Bozzuto Group for their successful leasing and management of the property.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 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.
About Level 2 Development, LLC
Level 2 Development, LLC is a Washington, DC based real estate firm specializing in the development of luxury residential and mixed-use projects that offer the highest level of finishes and detail. Level 2 believes in building strong relationships with all of its partners — equity sources, design and construction professionals, residents of its communities, and with local stakeholders in the larger communities in which it works. Level 2 has proven success in land acquisition, entitlement, and construction management. Since its founding in 2005, the company has led the development of more than 1,500 residential units and 75,000 square feet of retail space, representing transaction volume in excess of $230 million. For further information on Level 2 Development, please visit www.level2development.com.