FCP Sells Temple Hills Assets for $36M

TEMPLE HILLS, MD—Federal Capital Partners has confirmed to GlobeSt.com that it just sold a two-asset holding for approximately $36 million, or roughly $92,000 per unit, in the Temple Hills submarket.  The property is South Pointe, a 390-unit complex located at 2525 Southern Ave., and 2607 Southern Ave., in Temple Hills.

FCP acquired the properties, then called Oxon Park and Oxon Terrace, in November of 2011. It assumed CMBS debt as part of the transaction and planned to put in place a $3.3 million common area improvement plan. At the time, FCP vice president Jason Bonderenko told GlobeSt.com that they traded at a pro forma 7 cap rate.