Federal Capital Partners (FCP) announced today its $50.5 million acquisition of the Brookside and Overlook Manor apartment communities in Frederick, MD. The properties, located at 108 Willowdale Drive and 1208 Alban Court, respectively, are comprised of a total of 722 three and four story garden apartments.
“The Brookside and Overlook Manor acquisitions expand FCP’s presence in the Frederick market, a market with stable employment centers and opportunity for continued growth,” said FCP Managing Partner, Alex Marshall. Marshall continued, “These properties were acquired at a significant discount to replacement cost and allow us to achieve additional economies of scale with our nearby Crystal Park community.”
The communities feature easy access to I-70 and I-270 and are within walking distance to retail along the Route 40 corridor. FCP plans renovations to common areas and amenity spaces. In the past 18 months, FCP has invested in approximately 7,000 apartments throughout the Mid-Atlantic.
FCP extends its appreciation to CB Richard Ellis for brokering the sale and to Wells Fargo, who provided debt financing for FCP.
About Federal Capital Partners
Federal Capital Partners (FCP) is a Washington, DC based, privately held real estate investment company that has acquired interests in more than $2 billion in assets since 2003. FCP invests in residential and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area. Over the past two years, FCP has been one of the most active investors in the Washington region, amassing more than $1 billion in real estate assets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.
Through its discretionary commingled private equity funds, FCP invests directly in core plus, valueadd, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners. Through its funds, FCP is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets.