Located off Interstate 66, 880 N. Pollard sits in Arlington's bustling Ballston submarket; and under Korman's direction, the class A site had offered both rental apartment units, as well as temporary furnished corporate suites. According to Arlington County records, the building and the nearly one-acre property it occupies carry a 2005 total assessed value of approximately $26.7 million. Federal Capital's $40 million purchase price included all furniture, fixtures and equipment.

For Korman, the deal leaves the Plymouth Meeting, PA-based company with a 55% profit on its investment, having acquired the property in 2002 for $25.5 million. Under Federal Capital's ownership, the building will be renamed Ballston 880 and will undergo an immediate renovation that will not only upgrade the residences and common areas, but will also result in the conversion of the property to condominiums. The building also features 4,000 sf of retail space, for which the new owner has already secured a letter of intent.

Federal Capital has been on a buying spree as of late, acquiring seven properties in less than two years, including the 111,000-sf office headquarters building of the Pentagon Federal Credit Union here.