Aulder Capital has purchased River Pointe, a 170-unit property in Fort Washington, Md., from FCP. Transwestern brokered the $24.5 million deal on behalf of the seller. According to Yardi Matrix, FCP purchased the asset back in 2011, for $15.2 million.
The property is located at 8340 Indian Head Highway and provides easy access to interstates 495 and 295. Significant employment centers are also nearby, such as Andrews Air Force Base and the National Harbor entertainment, conference and retail area. Downtown Washington, D.C. is within 14 miles north of the site.
“FCP’s business plan for River Pointe has been successfully completed, with targeted capital invested to improve its appeal in a submarket where tremendous economic growth fueled the demand for workforce housing,” said FCP Vice President Jeff Robertson, in a prepared statement.
Built in 1968, River Pointe features one-, two-, three and four-bedroom units. As of April 2018, the occupancy rate reached 90 percent. Common-area amenities include:
- business center
- 170 parking spaces
- six laundry facilities
Transwestern’s Mid-Atlantic Multifamily Group brokering the deal on behalf of the seller included Executive Vice Presidents Robin Williams and Dean Sigmon, along with Vice President Justin Shay.
“River Pointe is a well-maintained property of high quality construction and great fit for our expanding NE Corridor portfolio,” said Aulder’s Head of Acquisitions Matthew Schneider, in prepared remarks. “Aulder will continue to invest in the property with professionally designed upgrades to interiors, common areas and the latest amenities for tenants seeking both value and lifestyle.”
Image courtesy of Yardi Matrix