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FCP Acquires $47M Silver Spring Multifamily

SILVER SPRING, MD-Castlegate is a typical investment for FCP, which specializes in under performing multifamily properties that can be turned around.

By Erika Morphy | Updated on August 30, 2007

(Read more on the multifamily market.)

SILVER SPRING, MD-Federal Capital Partners and Angelo, Gordon & Co have acquired a 376-unit garden-style multifamily property here that is next to an apartment community and townhome lots the duo already owns. The two firms did not release financial information about the transaction, but according to an industry source they paid $46.5 million for Castlegate Apartments, located on Castle Boulevard.

Adjacent to the property is the 534-unit Ashford at Woodlake Apartments and 59 fully approved townhome lots. The seller was not disclosed.

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