Federal Capital Partners (FCP) and its partner, Angelo, Gordon & Company (AG), today announced the sale of the Hanover Apartments, a 320-unit garden-style residential community located in Greenbelt, Maryland. The property was sold for $39.5 million to an affiliate of the Harbor Group International, LLC. The Hanover is located off Route 193 near the intersection of the Capital Beltway and I-95. Allen Manesh and Dean Sigmon of Ideal Realty Group (IRG) managed the sale for the venture.
FCP and AG purchased the property in mid-2006 and subsequently invested over $9 million to improve the community’s appearance, marketability and operating performance. Enhancements included new roofs, windows, balconies along with extensive upgrades to in-unit interiors and common areas. Significant landscaping work provided a new curb appeal for the property.
“Through our extensive capital improvement program and focused management, we were able to dramatically enhance the appearance, livability and performance,” said Alex Marshall, FCP Partner. “In addition, the renewed Hanover was a great catalyst for the community in Greenbelt. We are very proud of our work there.”
About Federal Capital Partners
Federal Capital Partners (www.fcpdc.com) is a real estate investment company headquartered in Georgetown in Washington, DC. The Managing Partners include Esko Korhonen, Lacy Rice, Tom Carr and Alex Marshall. Since its inception, FCP has acquired more than $2.0 billion of real estate assets and debt across all property types.
FCP manages FCP Fund I, L.P., a $240 million co-mingled real estate private equity fund formed to invest in multiple real estate sectors in the Mid-Atlantic region, with a focus on the metro Washington DC area. The Fund is able to provide both debt and equity capital as needed for real estate investments in the market.
About Angelo, Gordon & Company
Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $16 billion. Angelo, Gordon began investing in commercial real estate in 1993 and has acquired over $8 billion of properties. The firm focuses on a value-added approach through the acquisition of sub-performing real estate properties across a broad range of geographical markets and product types.