Aulder Capital has acquired Walker Mill Apartments, a multifamily community in Forestville, Md., for $43.6 million. The property was purchased from Federal Capital Partners (FCP), who bought the asset back in November of 2014 from Miles Properties, for $21.9 million, according to Yardi Matrix.
Located at 1926 Rochelle Ave., the 366-unit community offers one-, two- and three-bedroom units ranging from 670 to 1,060 square feet. Interior features include newly renovated kitchens and bathrooms, air conditioning, ceiling fans, large closets and private balcony/patios. The pet friendly community provides residents access to common area amenities such as a swimming pool, playground, laundry facilities, 24-hour maintenance and on-site management and patrol.
When originally purchased by FCP, the property was known as Regency Square Apartments. The firm rebranded the three-story community and implemented a capital improvements plan to update the common areas, improve building systems and cured maintenance issues.
“When we purchased Walker Mill Apartments four years ago, the property was in distressed condition. We implemented over $7 million in capital improvements, which significantly improved the property condition and quality of life for the residents,” Summer Kassir Haltli, vice president of FCP, told Multi-Housing News. “With FCP SERVES, we ran annual back-to-school events and provided scholarships for the children of residents to attend summer camps and after-school activities. FCP’s investment in Walker Mill Apartments demonstrates our ability to tackle challenging property conditions and realize success for both residents and investors.”
Transwestern’s Robin Williams, Dean Sigmon and Justin Shay represented the seller in the transaction. Berkadia’s Jonathan Pratt arranged financing for the deal on behalf of the buyer. Gates Hudson handles management for Walker Mill Apartments.
Last October, FCP sold three multifamily communities in the Washington, D.C. area to The Reliant Group. Totaling 564 units, the properties—Bannister, Palmer and Wakefield Terrace—sold for $71 million.
Photo by Jeff Sauer