FCP Buys 2 DC-Area Communities for $44M
The company acquired Holly Spring Meadows and The Woods at Addison in a joint venture with Urban Atlantic. The affordable communities total 449 units.
By Tudor Scolca
Holly Spring Meadows
Federal Capital Partners joined with Urban Atlantic to buy two apartment communities located in Prince George’s County, Md. Both fall within the affordable housing range and are a 10-minute car ride apart. The recapitalization was priced at $44 million, with the transaction arranged by Christine Espenshade and Robert Garrish of JLL. Earlier this year, FCP acquired another two communities in Tampa, Fla. for $21 million.
Opportunities and location benefits
Holly Spring Meadows is in Forestville, at 5521 Marlboro Pike, next to a major retail corridor along Pennsylvania Ave. Dining and shopping options are plenty and within walking distance, as are various employers, towards the Pennsylvania Ave. and 458 junction. The Centre at Forestville shopping mall is at a 10-minute drive from the property, while downtown Washington, D.C. is only 25 minutes away, via Interstate 395. The apartment community comprises a mix of 224 one-, two- and three-bedroom units.
Woods at Addison is in Capitol Heights, at 6500 Ronald Road, offering its residents good transit options via Addison Road South. Addison Road Metro Station is a 20-minute walk away from the property and Central Avenue is a prime retail location. Multiple schools are within a short distance from the community, such as John H. Bayne Elementary School, Walker Mill Middle School, Central High School and Bishop McNamara High School. Woods at Addison is a 225-unit community, also a mix of one-, two- and three-bedroom apartments. Common area amenities at the property include a basketball court, playground, swimming pool and laundry facilities.
“FCP is excited to be acquiring these properties with Uban Atlantic, as we continue to seek multifamily assets as direct investments or recapitalization in the Washington, D.C. area and Eastern U.S. Holly Spring Meadows and Woods at Addison are both well-maintained and conveniently located, close to major employment centers, retail amenities and key transportation points,” said Jason Bonderenko, senior vice president for residential acquisitions at FCP, in a prepared statement.
Image courtesy of Federal Capital Partners
