BALTIMORE-Federal Capital Partners is still married to the Washington, DC area as it seeks out investment acquisitions, but it is also looking closer at second tier markets in the Mid-Atlantic. The company currently has an active pipeline in the Raleigh and Philadelphia markets and is eager to make another trade in Baltimore, partner Alex Marshall tells GlobeSt.com.
The firm just closed on a $13.75 million acquisition of a multifamily here, called the Munsey. It is an 18-story, 146-unit building with 4,000-square feet of ground floor retail.
Located a few blocks north of Baltimore’s inner harbor, it was constructed in 1911 by newspaper icon Frank Munsey as an office building--the tallest in the city at that time. It was converted to apartments in 2003.
The sale was facilitated by the receiver, Gray & Associates LLC, and was brokered by CB Richard Ellis. Wells Fargo provided acquisition financing for FCP.
It is the first Baltimore acquisition for the company’s FCP Fund I, but not the company's first deal in Baltimore, Marshall says. “We would very much like to buy additional properties in Baltimore. Occupancies have tightened up over the last couple of years and the fundamentals look good.” Not that DC is being relegated to the category of “too expensive for now.” Marshall says the firm has an active pipeline in the District as well, with several deals pending.
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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.
