Located off I-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.

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. It is unclear what name, if any, Federal Capital will give 880 N. Pollard, but what is known is that in the immediate future, the company will embark on a renovation of the property that will not only upgrade the residences and common areas, but will also result in the conversion of the property to condominiums.

Upon completion of the transformation, Federal Capital will put the building up for sale. The company 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 in Alexandria, VA.