Washington, D.C. – September 30, 2010 — Federal Capital Partners (FCP) and its partner, Angelo, Gordon & Company (AG), today announced the sale of the Grove Park apartment community, a 684-unit garden-style residential community located in Gaithersburg, Maryland and the 858-unit Charleston Manor apartment community located in Ellicott City, Maryland. The two sales are in addition to the Hanover Apartments residential community sale that closed earlier in September.
Grove Park was sold to an affiliate of Avalon Bay (NYSE:AVB). The apartment community is located on Clopper Road near the intersection with Quince Orchard Boulevard and within one half mile of I-270. Al Cissel and Scott Melnick of Jones Lang Lasalle managed the sale for the venture. The sales price is undisclosed by agreement of the buyer and seller.
Charleston Manor was sold to an affiliate of Home Properties (NYSE:HME). The apartment community has direct access to Route 40 within one mile of Route 29. Bill Roohan and Mike Muldowney of CBRE managed the sale for the venture. The sales price is undisclosed by agreement of the buyer and seller.
“The sale of Grove Park and Charleston Manor are representative of a core part of FCP’s strategy.” said Alex Marshall, FCP Managing Partner. “FCP repositioned these communities, both of which are located in strong suburban locations, with infrastructure repairs, common area upgrades and in-unit renovations to improve their marketability. These repositioned residences not only allow us to create value for our partners and investors once sold, but also add vibrancy to the broader community.”
About Federal Capital Partners
Federal Capital Partners (www.fcpdc.com) is a real estate investment company headquartered in Georgetown in Washington, DC. The Managing Partners include Esko Korhonen, Lacy Rice, Tom Carr and Alex Marshall. Since its inception, FCP has acquired more than $2.0 billion of real estate assets and debt across all property types. FCP manages FCP Fund I, L.P., a $240 million co-mingled real estate private equity fund formed to invest in multiple real estate sectors in the Mid-Atlantic region, with a focus on the metro Washington DC area. The Fund is able to provide both debt and equity capital as needed for real estate investments in the market.
About Angelo, Gordon & Company Angelo, Gordon & Co. is a privately-held registered investment advisor dedicated to alternative investing. The firm was founded in 1988 and currently manages approximately $16 billion. Angelo, Gordon began investing in commercial real estate in 1993 and has acquired over $8 billion of properties. The firm focuses on a value-added approach through the acquisition of sub-performing real estate properties across a broad range of geographical markets and product types.