Federal Capital Partners® (FCP) has acquired Townsend Square Apartments, a 200-unit apartment community located at 1100 Townsend Boulevard in Fredericksburg, VA, for $18.8 million. The gated and well-maintained community was developed in 1995 and is located two miles from I-95 and is proximate to the VRE Commuter Rail Line, the Route 1 corridor, historic downtown Fredericksburg and the University of Mary Washington. Townsend Square participates in a tax credit program that provides quality living at affordable rates to those that qualify.
FCP Managing Partner, Alex Marshall, commented, “Fredericksburg, VA has become one of the fastest growing areas of the Washington MSA and access to quality affordable housing is of vital importance. This acquisition is well-positioned close to major employment centers and supports our continued interest in this sector.”
Townsend Square Apartments features a mix of family-friendly two and three-bedroom apartments with amenities including a newly renovated clubhouse, fitness center, picnic area, playground, volleyball court and large swimming pool. Kettler has been retained to manage the property.
FCP extends its appreciation to Ari Firoozabadi and John Mullen of The Greysteel Company for their representation of the seller in the transaction.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $3.5 billion in assets since its founding in 1999. FCP is seeking equity, preferred equity and mezzanine debt investments in commercial and residential real estate throughout the Mid-Atlantic region, including Washington DC, Maryland, Pennsylvania, Virginia, Delaware, West Virginia, New Jersey and the Carolinas. FCP buys assets directly as well as through joint ventures with local operating partners. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com