Federal Capital Partners (FCP) announced the acquisition of Berkdale Apartments, an eight building, 184-unit, garden apartment community in the Dulles Park area of Herndon, Virginia for $24.3 million. The one, two and three bedroom walk-up apartments are located near Elden Street and Sterling Road in downtown Herndon, within walking distance to schools, an abundance of retail and recreational amenities and with quick access to the Dulles Toll Road.
FCP Managing Partner, Alex Marshall, noted the importance of location and demographics to the investment, saying, “Fairfax County and Herndon, in particular, continue to benefit from economic and job growth generated from the flourishing Dulles Corridor. The Silver Line Metrorail extension, now approved to extend to Herndon and Dulles, will create more demand for moderately priced housing in an area that is currently undersupplied in that sector. FCP is continuing to look for investment opportunities in workforce housing and Berkdale Apartments is well-suited for our portfolio.” FCP will be initiating common area improvements to the community in the coming year.
Amenities at the Berkdale Apartments include a playground and an adjacent park with playing fields and bike trail. All of the units at Berkdale have recently received complete renovations and feature spacious living and dining areas, large windows allowing an abundance of natural light, updated kitchens and linen closets.
FCP extends its appreciation to Andy Boyer and Jonathan Greenberg of CB Richard Ellis 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 $3.0 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