Mosaic at Largo Station
Update
06/03/21
Clarion Partners Real Estate Income Fund Inc. (CPREIF) & Blackfin Real Estate Investors Acquire Multifamily Community Near Washington, D.C.
Clarion Partners Real Estate Income Fund Inc. (CPREIF), in partnership with Blackfin Real Estate Investors, has acquired Mosaic at Largo Station, a four-story, 242-unit, mid-rise multifamily community located in Largo, MD in the Washington, D.C. metro area. Clarion Partners, LLC (“Clarion Partners”), a leading U.S. 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’s adjacent to the Capital Beltway (I-495), providing easy access to downtown D.C. (approximately 14 miles away) as well as Crystal City, the home of Amazon’s second headquarters in Arlington, VA (approximately 19 miles away). Located half a mile from Mosaic, the University of Maryland Medical System’s new $645 million, 259-bed regional hospital and medical center is scheduled to open next month.
“Our lifestyles are changing dramatically, and emerging trends in the ways we live, work and shop are creating new opportunities in different areas of real estate. CPREIF seeks to provide current income and long-term capital appreciation by purchasing stabilized, well-leased, cash flow-producing properties in markets with favorable growth prospects as well as exposure to different geographic regions and property sectors,” said Clarion Partners Managing Director Rick Schaupp. “We believe this property in the heart of Prince George’s County is emblematic of these societal shifts, given its proximity to a walkable metro station, new hospital and amenity retail.”
Mosaic’s amenities include an outdoor swimming pool, dedicated grilling area, a dog park and a newly renovated class A+ two-story clubhouse with game room. The units feature 9’ to 12’ ceiling heights, maple cabinets, stainless steel appliances and kitchen islands with granite countertops.
“We are thrilled to expand our partnership with Clarion Partners,” said Andrew Buchanan, Co-Founder and Managing Partner of Blackfin Real Estate Investors. “Mosaic is an extremely well-built asset in an excellent, transit-oriented location that’s poised to benefit from the new state-of-the-art hospital center.”
Eastdil Secured, a real estate investment banking company, represented the seller in the sale of Mosaic at Largo Station and arranged acquisition financing for the venture.
