Chevy Chase, MD – April 26, 2013 – Federal Capital Partners’ (FCP) sale of The Allegro was recognized last week by the Washington Business Journal as the Washington Area’s Best Apartment Sale in 2012.
FCP purchased the 297-unit “broken condominium” via foreclosure auction in November of 2009. FCP completed construction of the architecturally renowned building in 2009 and fully leased the property in 2010. The property was sold to an institutional buyer in 2012. The Allegro is a second-time winner of this award, having won in 2009 when FCP purchased the property out of foreclosure.
The Allegro is located in the Columbia Heights submarket of Washington, DC, now one of the most desirable residential locations for Washington’s growing young workforce. The building includes a 247-space underground parking garage and more than 6,000 square feet of premier retail space.
“We are honored to have been recognized for the significance of this transaction. The Allegro is realizing its potential after a very successful recapitalization and conversion of its condo-grade units to apartments in the heart of Washington, DC,” said FCP Managing Partner, Alex Marshall.
FCP extends its congratulations and appreciation to Dave Nachison and Alan Davis of HFF for their representation in the Allegro 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 $3.0 billion in assets since its founding in 1999. FCP is seeking debt and equity 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 through equity, preferred equity or mezzanine debt investments.
In December 2012, FCP was recognized by PERE Magazine as one of the Top 10 Emerging Fund Managers. The firm, based in Chevy Chase, MD, manages $769 million of discretionary capital. FCP is currently investing FCP Realty Fund II, L.P., a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com