500-Unit Apartment Complex Fetches $45M

SILVER SPRING, MD-Ownership of Ashford at Woodlake Apartment Community has changed hands in a recent deal valued at nearly $45 million. Washington, DC-based real estate development firm Federal Capital Partners have come together in a joint venture with New York investment management firm Angelo, Gordon & Co. to buy the 534-unit multifamily complex from WBA Woodlake LLC. The deal marks the third instance over the last seven months in which the two companies have joined forces to purchase a property in the Metropolitan Washington, DC area property.

Ashford at Woodlake, developed in 1974, occupies a 33-acre parcel on Castle Blvd., near the new Briggs Chaney/Rte. 29 interchange. In addition to its residences, the sprawling garden-style complex also features such requisite apartment community amenities as a swimming pool. The joint venture has big plans for the property. Already, a renovation project is underway that is expected to help make Ashford at Woodlake more competitive with area apartments. However, Federal Capital and Angelo Gordon’s changes will not stop at the renovation process. Capitalizing on the fact that Ashford at Woodlake’s expansive parcel of land is zoned to accommodate more than 1,100 residential units, the joint venture is proposing to build 90 new condominium units on the site. With the nation’s currently thriving condominium market, such new development will also add to the property’s appeal.