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Federal Capital Sells, Recaps Portfolio

A joint venture of Federal Capital Partners and New York City-based real estate investment fund Angelo, Gordon & Co. sold and recapitalized a five-property portfolio valued at $405 million.

By Sule Aygoren Carranza | Updated on April 25, 2007

Sule Aygoren Carranza is managing editor of Real Estate Forum and editor of Multi Housing forum, from which this article is excerpted.

Washington, DC—A joint venture of Federal Capital Partners and New York City-based real estate investment fund Angelo, Gordon & Co. sold and recapitalized a five-property portfolio valued at $405 million. Lacey I. Rice, a partner with locally based Federal Capital, says the communities represent about 35% to 40% of the firm’s multifamily holdings and exemplify its business strategy.

“As opportunistic, value-add investors in the Baltimore-Washington, DC area, we try to purchase class B and class C properties that are under-managed or undercapitalized,” Rice explains. “Our goal is to aggressively transform the physical condition of the property, the management and its image in the market. We typically try to find properties that are in improving submarkets. Fortunately, in this market, there are a number of areas that are going through favorable transformations. And we frequently play an active role with county and community organizations in efforts to accelerate the renaissance of specific submarkets.”

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