Among the apartment communities involved in the deal is Fairways at Towson, an 827-unit complex in Towson that was built in 1969. The multifamily package also includes the 858-unit Charleston Manor in Ellicott City, which was developed just over three decades ago. The final element is Bel Air's the Seasons at Bel Air, a 33-year-old complex offering 732 residences. All of the class B communities feature such amenities as clubhouses, fitness centers, swimming pools and tennis courts. The former owner invested an approximate total of $10 million to upgrade the portfolio.

For Federal Capital, the deal marks its fourth major purchase in the last two months and provides the company with a significant presence in suburban Baltimore. Federal Capital partner Alex Marshall says the firm is "fortunate to be able to establish a material presence in these strong and growing regions."