LARGO, MD – Clarion Partners Real Estate Income Fund (CPREIF), in partnership with Blackfin Real Estate Investors, has acquired Mosaic at Largo Station, a four-story, mid-height, 242-unit apartment complex in Largo, MD, in the Washington, DC area. Clarion Partners (Clarion Partners), a leading US real estate investment manager, is one of Franklin Templeton's specialist investment managers.
Largo, MD is a residential suburb with its own metro station. It is adjacent to the Capital Beltway (I-495) and provides easy access to downtown D.C. (approx. 22 km away) and to Crystal City, home of the second Amazon headquarters in Arlington, VA (approx. 30 km away). The University of Maryland Medical System's new regional hospital and medical center, valued at $ 645 million and with 259 beds, is slated to open next month, half a mile from Mosaic.
“Our lifestyles are changing dramatically and new trends in the way we live, work and shop are creating new opportunities in different areas of the real estate industry. CPREIF strives to generate ongoing income and long-term capital growth through the purchase of stable, well-rented, cash-flow producing properties in markets with favorable growth prospects and exposure to various geographic regions and real estate sectors, ”said Rick., Managing Director of Clarion Partners Schaupp. "We believe this property in the heart of Prince George’s County is a symbol of this social change as it is close to a walking subway station, a new hospital and a retail store."
Mosaic amenities include an outdoor pool, a dedicated BBQ area, a dog park, and a newly renovated two-story class A + clubhouse with playroom. The units have 9 & # 39; until 12 & # 39; Ceiling heights, maple cabinets, stainless steel appliances, and kitchen islands with granite countertops.
"We are very excited to expand our partnership with Clarion Partners," said Andrew Buchanan, Co-Founder and Managing Partner of Blackfin Real Estate Investors. "Mosaic is a very well-built facility in an excellent, transit-oriented location that will benefit from the new, ultra-modern hospital center."
Eastdil Secured, a real estate investment banking firm, represented the seller in the sale of Mosaic at Largo Station and arranged acquisition finance for the company.