FCP Sells 5-Community Portfolio for $328M
The private equity investment firm divested 2,490 units in the Washington, D.C., suburbs.
Cypress Creek in Hyattsville, Md.
Washington, D.C.—Federal Capital Partners has completed the largest D.C.-area multifamily transaction in 2016 with the sale of five apartment communities totaling $328 million.
Utilizing its Funds I and II, the portfolio sale includes 2,490 units in the suburbs of Washington, D.C., consisting of Cypress Creek and Toledo Plaza in Hyattsville, Md., Penn Landing in Forestville, Md., Cambridge Apartments in New Carrollton, Md. and Summerlyn Place in Laurel, Md. CB Richard Ellis handled the marketing and sale of the portfolio on behalf of FCP.
“Most of these properties are close to metro stations, which provide great access to employment throughout the DC-area, retail and other amenities nearby,” Jason Bonderenko, senior vice president at FCP, told Multi-Housing News. “FCP has been active in the DC-metro, going back 15 years now. It has proven to be a strong rental market and job growth has been accelerating, which is attractive to investors.”
FCP acquired these five properties throughout the last eight years, using two of its funds. The company has made significant improvements to each of the properties including amenities, common areas, apartment interiors and systems.
“We continue to buy and invest in properties and are still very active in the D.C.-metro area,” added Bonderenko.
Image courtesy of Federal Capital Partners
