Federal Capital Partners Buys, Sells Apartment Communities Around D.C.
- May 27, 2014
What do the cities of Frederick, Md., and Fredericksburg, Va., have in common? They have similar names and are both located the same distance from Washington, D.C. — about 50 miles. And Federal Capital Partners was recently involved in large multi-family transactions in both markets.
In Frederick, the Chevy Chase-based real estate investment company sold the Willowdale Crossing Apartments for $41 million. The garden apartment community is located at 108 Willowdale Drive. It features 432 units and an array of amenities, including swimming pools, playgrounds and picnic areas. The property also offers easy access to I-70 and I-270 and is close to a regional mall and nearby job centers.
“We have fulfilled our business plan for Willowdale, one of our initial investments in our second fund. Our investment in the property included substantial capital improvements, resulting in stronger leasing performance, higher occupancy and positive NOI growth,” said FCP Managing Partner Alex Marshall in a statement for the press.
FCP was represented in the transaction by ARA’s Mid-Atlantic team of Drew White, Sean Piplico and Ryan Ogden. The name of the buyer was not disclosed.
In Fredericksburg, on the other side of D.C., FCP did the opposite. It purchased the Townsend Square Apartments for $18.8 million. The gated community at 1100 Townsend Blvd. was developed in 1995. It features 200 two- and three-bedroom apartments with amenities including a newly renovated clubhouse, fitness center, picnic area, playground, volleyball court and large swimming pool. Townsend Square is part of a tax-credit program that provides quality living at affordable rates to those that qualify. Kettler has been retained to manage the property.
“Fredericksburg, Va., has become one of the fastest-growing areas of the Washington MSA, and access to quality affordable housing is of vital importance. This acquisition is well positioned close to major employment centers and supports our continued interest in this sector,” Marshall said. The Greysteel Co.’s Ari Firoozabadi and John Mullen represented FCP in the transaction.
Photo credit: Federal Capital Partners