ACPT tapped FBR Capital Markets as its advisor and drilled into its options. "We came to the realization that the best way to move forward was to see whether we could find a private equity group or another entity who could take us private."

FBR approached about 50 different groups and after numerous meetings the final contenders were whittled down to three. "We selected FCP because they are very focused on the Mid-Atlantic area, where most of our assets are; they were one of the few funds that had raised fresh capital in this environment; and they really bought into our strategy," shares Greissel.

As for FCP, a large multifamily owner in itself, acquiring ACPT was a rare opportunity to acquire quality assets in bulk, and at a "fair valuation," notes Stephen M. Walsh, the firm's senior vice president of capital markets. "We thought ACPT was undervalued or under-appreciated, most likely because it's strategy wasn't very clear to outsiders. We followed the company for a while, looking at it closely."