ST, CHARLES, MD–FCP has sold an apartment portfolio here for $302 million. The 11-asset, 1,731-unit portfolio traded to Strata Equity Group. The sale represented the largest group in the company's so-called Apartments of St. Charles portfolio.
This transaction is Strata Equity Group's first investment into the Mid-Atlantic region. The San Diego-based company specializes in acquiring land and preparing it for development, and in investing and managing multi-family residential, commercial/retail properties, single family residential, and renewable energy projects. The company's operations are primarily located in the Southwestern US markets.
St. Charles is a master planned community located 13 miles from the DC Beltway.
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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.
