FCP Sells Maryland Multifamily to NYC-Based Investment Firm
Last week, FCP announced the $29.5-million acquisition of the Chroma Park, a 210-unit garden-style apartment community located at 2105 Mesa Valley Way in the Atlanta suburb of Austell, GA.
FORESTVILLE, MD—FCP of Chevy Chase, MD has sold its Walker Mill Apartments community here to a familiar buyer—middle market investment firm Aulder Capital of New York City.
Last June, Aulder Capital acquired the 170-unit River Pointe Apartments in Fort Washington, MD from FCP for $24.5 million. No financial terms of Aulder’s purchase of the 366-unit Walker Mill Apartments community in Forestville, MD was disclosed.
“FCP is very pleased with the success of its business plan and the corresponding improvement in the occupancy and vitality of the Walker Mill community,” says FCP vice president Summer Haltli. “We continue to be an active owner and investor in the Washington, DC region and will be seeking additional opportunities to add to our portfolio here.”
The Walker Mill Apartments is located one mile from the Addison Road Metro station. Since 2014, FCP rebranded the three-story garden community and upgraded common areas, cured maintenance issues and improved building systems.
“Aulder is excited to expand our presence in the Washington, DC metro area with our third acquisition in the last year. The investment in Walker Mill Apartments is consistent with our firm’s strategy of buying properties in well-located suburban areas and creating value from interior and exterior design upgrades,” says Aulder CEO, Michael Zito. “Additionally, we seek to foster a community environment through the addition of modern, well-utilized amenities and sponsored resident events,”
Transwestern’s Robin Williams, Dean Sigmon and Justin Shay represented FCP in the transaction.
Last week, FCP announced the $29.5-million acquisition of the Chroma Park, a 210-unit garden-style apartment community located at 2105 Mesa Valley Way in the Atlanta suburb of Austell, GA. Chroma Park marked FCP’s sixth investment in the Atlanta area.
While Chroma Park was acquired through FCP’s Fund III, the investment comes on the heels of the launch of FCP’s recently closed $755-million Fund IV, fueling the company’s targeting of multifamily and commercial assets across major markets along the East Coast and Texas.
Cushman & Wakefield’s Travis Presnell, Mike Kemether and Josh Goldfarb represented the seller in the Chroma Park trade.