Federal Capital Partners (FCP) today announced the $14.75 million acquisition of Ager Road Station, a 234-unit apartment complex in Hyattsville, MD, located across the street from the West Hyattsville Metro Station. Nineteen brick buildings surrounded by large green spaces feature one, two and threebedroom units within easy reach of the University of Maryland, Howard and Catholic Universities as well as University Town Center, Prince Georges Plaza and other local restaurants and retailers. The property is in the same submarket as FCP’s 242-unit Toledo Plaza apartment community.
“Ager Road Station is the type of product that fits perfectly with our investment criteria and is exactly what we will continue to pursue – strong occupancy at 98%, excellent access to Metrorail, Metro bus routes and transportation corridors and an opportunity to create value through capital investment and aggressive management,” said FCP Managing Partner, Alex Marshall. Mr. Marshall continued, “The Hyattsville submarket as a whole has excellent demand dynamics, with Delta Associates reporting 97% occupancy in Class B apartments for the first quarter of 2012.” Plans for Ager Road Station, soon to be renamed North Pointe, include $2.5 million in renovations for common areas and interior apartment upgrades. FCP, which is aggressively pursuing additional multifamily investments in this region and other Mid-Atlantic markets, purchased Ager Road Station in an off-market transaction, its sixth multifamily acquisition in the past six months.
Ager Road Station features an unusual amount of open space for a close-in suburban property. Residents of the petfriendly community have access to a playground, a horse shoe pit, volleyball, barbecue and sheltered picnic areas throughout the landscaped grounds.
About Federal Capital Partners
Federal Capital Partners (FCP), based in the Washington, DC metropolitan area, is a privately held real estate investment company that has acquired interests in more than $3 billion in assets since 2003. FCP invests in commercial and multi-family assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Carolinas. FCP currently manages a portfolio of approximately $2 billion in real estate assets throughout those markets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.
Through its discretionary co-mingled private equity funds, FCP invests directly in core-plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners. The company is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets. For further information on FCP, please visit www.fcpdc.com