FCP Sells Multifamily Assets to Reliant Group for $71M
- Oct 05, 2018
The Reliant Group has acquired a trio of multifamily properties in the Washington, D.C., area from FCP for $71 million. The three communities have a total of 564 units between them.
All three assets—Bannister, with 208 units, Palmer, with 152 units and Wakefield Terrace with 204 units—are centrally located in St. Charles, Md., within the master-planned community and are within walking distance to amenities including schools, grocer-anchored retail and community centers.
Mike Muldowney, Michael Rudolph, Jeff Kunitz and Alex Medeiros of CBRE handled the marketing, sale and financing of the transaction.
The properties were a part of a larger portfolio that FCP has been offloading over the last six months, and this deal marks the final disposition of the St. Charles portfolio, which sold for a combined $435.3 million.
FCP purchased the St. Charles portfolio in 2009 for $36 million as part of its American Community Properties Trust (APO) acquisition.
Last month, FCP sold two affordable communities totaling 340 units in the Washington, D.C., area to Preservation Partners for $56 million.
Image courtesy of FCP