Located at 100 Waterside Terrace, the 240-unit apartment complex consists of an even split of one- and two-bedroom units in nine three-story wood-framed buildings, plus a separate clubhouse for maintenance and office use. Units range in size from 570 to 1,084 sf and amenities include a swimming pool, tennis court, pond and two tot lots.

"This property was originally financed by HUD as a tax credit deal," says Gary Eames of Capri's Arlington, VA office. "Current tax credit rents support the new valuation and according to the rules structured in 1988, this property could easily convert to market rate rents in 2005."

Capri Capital was formed in 1992 to act as a real estate advisor to pension funds, government agencies and other institutional investors. Through its subsidiary, Capri Capital Finance LLC, the firm is a Fannie Mae Delegated and Underwriting Servicing Lender. In addition to a multifamily loan portfolio of approximately $4.0 billion, the firm closed more than $700 million in new investments in 2000.