Federal Capital Partners (FCP) today announced its $35.25 million acquisition of the first phase of West Village in downtown Durham, NC. Phase I of West Village includes 241 loft apartments and 10,000 square feet of integrated retail and associated parking in this vibrant mixed use project. Originally developed in 2000, the property is a unique conversion of Liggett and Myers historic tobacco warehouses and is the largest historic renovation project in North Carolina. FCP will be partnering with local operator Bell Partners, who will invest alongside FCP in the deal.
“West Village is an incredibly exciting and successful project with a history of very high occupancy,” said FCP Managing Partner, Alex Marshall. Mr. Marshall continued, “These urban lofts are attracting young professionals and graduate students interested in living in a walkable, amenity-rich downtown with immediate access to the Duke campus and medical center and Research Triangle. We are particularly excited to be teaming with Bell Partners, who will bring their unique blend of local expertise and institutional quality management practices to the venture.” West Village marks the third investment by FCP in North Carolina, with a $42 million joint venture in two Triangle area apartment complexes announced in February of 2011.
West Village lofts are architecturally unique with 12-foot exposed ceilings, carefully restored timber columns, exposed brick walls and original wide plank flooring. 1, 2 and 3-bedroom floor plans accommodate a wide range of residents and incorporate energy efficient lighting and bioretention gardens.
BGL Real Estate Advisors, a division of Brown Gibbons Lang & Co., were the exclusive advisors to members of National Champion Real Estate LLC, the seller of West Village Phase I to FCP.
First Capital Realty of Bethesda, MD represented FCP in the transaction.
About Federal Capital Partners
Federal Capital Partners (FCP), based in the Washington, DC metropolitan area, is a privately held real estate investment company that has acquired interests in more than $3 billion in assets since 2003. FCP invests in multi-family and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area and currently manages a portfolio of approximately $1.8 billion in real estate assets throughout those markets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.
Through its discretionary co-mingled private equity funds, FCP invests directly in core plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets. Over the last two years, FCP has been one of the most active real estate investment companies in the Mid-Atlantic region, investing approximately $1 billion in transactions that ranged from direct investment as a JV partner in a downtown office building, to the purchase of a note of a foreclosed retail center, and the funding through preferred equity and mezzanine capital for a multi-family residential development. For further information on FCP, please visit www.fcpdc.com