Federal Capital Partners Expands in Greater Washington
- Sep 25, 2015
Federal Capital Partners continues to expand its presence in the Greater Washington area. This week, the Chevy Chase-based company announced the acquisition of a new apartment community in suburban Maryland.
The newest addition to FCP’s portfolio is Capital Courts Apartments. It is a 200-unit apartment community located on Walker Mill Road in Forestville, just half a mile from another FCP property, the Walker Mill Apartments, which was acquired in 2014. The real estate investment company paid $19.5 million to buy Capital Courts. Christine Espenshade, Scott Melnick, Robert Garrish and Kylie Belcher of JLL represented the unnamed seller in the transaction. Financing was provided by Capital One.
Capital Courts consists of 25 four-story garden apartment buildings, with a mix of two-, three- and four-bedroom units, and amenities such as a pool and a playground. Gates Hudson has been retained to manage the property.
According to Jason Bonderenko, senior vice president at FCP, Capital Courts represents his company’s fifth investment in apartment communities in 2015. “Well-maintained apartment communities in this close-in suburb of Washington, D.C., continue to have strong occupancy. FCP plans to invest in significant capital improvements, including window replacements, renovation of the office/clubhouse and pool areas, and additional new landscaping,” he added.
Photo credit: Federal Capital Partners