Federal Capital Partners® (FCP) announced its $10.5 million purchase of Tree Top Apartments, a 206-unit garden apartment community located at 1328 Steinbeck Drive in Raleigh, NC. The property includes 13 two-story garden apartment buildings, a clubhouse with a club room and fitness center, a playground, volleyball court, lighted tennis court and community pool. Tree Top is located in Midtown Raleigh just one mile east of the highly popular North Hills district and is proximate to Duke Raleigh Hospital, Interstate 440 and the job centers of Six Forks and Falls of Neuse Roads.
FCP Vice President, Bryan Kane, commented on the increasing presence of FCP in the Raleigh area, saying, “Raleigh’s continued growth in population, jobs and household income, combined with the stability of its economy rooted in education, healthcare, state government and technology, is very attractive to FCP. We continue to explore both equity and debt investments, including joint ventures with local sponsors, in all property types throughout the Carolinas.”
Since 2010, FCP has made debt and equity investments in more than 2,000 apartments and 350,000 square feet of commercial space in the Triangle area, including Allister North Hills and Midtown Green, both of which are located in Midtown Raleigh.
FCP extends its appreciation to Brandon Whitesell and Alex Brown of Cushman & Wakefield for their representation of the seller.
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 equity, preferred equity and mezzanine debt 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. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its second investment fund, a $529 million commingled, discretionary fund closed in 2012. For further information on FCP, please visit www.fcpdc.com