(To read more on the multifamily market, click here.)
BLADENSBURG, MD-Federal Capital Partners in partnership with New York-based Angelo, Gordon & Co. has acquired a three-tower, 447-unit, multifamily property here for $24.4 million. It is the first acquisition the Washington, DC-based firm has made since Thomas Carr, former chairman and CEO of CarrAmerica, joined the firm in late February, as reported in GlobeSt.com.
Park Place Towers, which FCP acquired from an entity controlled by local developer Shaool Construction, is yet another value-add play for the firm, which has been strategically acquiring undervalued multifamily assets over the last two years. In August the firm, also in partnership with Anglo Gordon, acquired the 320-unit Greenway Village Apartments in Greenbelt for $23.5 million.
The latest deal "is a continuation of our strategy of finding under managed, under capitalized properties," FCP partner Lacy Rice tells GlobeSt.com. This particular property is well located, very close to the Baltimore-Washington Parkway as well Route 450.
The company is planning to invest $14 million in renovations over the next two years in the complex, which will be re-branded as the Phoenix. Planned upgrades include a new façade, windows, landscaping and entry-feature improvements, pool renovations, elevator modernization, new mechanical systems, fencing and security upgrades and plumbing upgrades. FCP will also renovate the kitchens, bathrooms, flooring and windows in the vacant apartment units.
The goal is raise rents that are commensurate with well maintained, well managed buildings in the submarket, Rice says.
Coldwell Banker Commercial Ideal Realty Group represented the seller.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
