Federal Capital Partners® (FCP) announced the acquisition of the 200-unit Capital Courts Apartments on Walker Mill Road in Forestville, MD for $19.5 million. Capital Courts is comprised of 25, four-story, garden apartment buildings with a high percentage of family-friendly 2, 3 and 4- bedroom units and amenities including a pool and a playground.
“Capital Courts marks FCP’s fifth investment in existing apartment communities in 2015 and is located half a mile from FCP’s Walker Mill apartments, which was acquired in 2014,” said FCP Sr. Vice President, Jason Bonderenko. “Well maintained apartment communities in this close-in suburb of Washington, DC continue to have strong occupancy. FCP plans to invest in significant capital improvements, including window replacements, renovation of the office/clubhouse and pool areas and additional new landscaping.”
Gates Hudson has been retained as property manager for Capital Courts. FCP extends its appreciation to Christine Espenshade, Scott Melnick, Robert Garrish and Kylie Belcher of JLL for their representation of the seller on the transaction. Financing was provided by Capital One.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and mezzanine debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com