Located off I-495 in Prince George's County, the property will now be known as Ashford at Henson Creek. Consisting of 33 garden-style structures spread out on a 21-acre parcel, the apartment community will undergo a $4 million renovation as part of the new owner's repositioning effort.

"Under-capitalized, under-managed apartment properties in improving locations offer a terrific return on risk," says Federal Capital principal Lacy I. Rice. "The Ashford at Henson Creek renovation program will elevate the property's competitive position in the strong and improving Temple Hills market." Federal Capital's purchase of Arbor View marks its third acquisition in the Greater Washington, DC region within the last three weeks. The real estate company also recently acquired a 123-unit multifamily property in Arlington, VA for $40 million, and a 111,300-sf office building in Alexandria, VA.