Federal Capital Partners (FCP) and its partner, Angelo, Gordon & Company (AG), today announced the sale of the Woodvale Apartments, a 376-unit garden apartment community in Silver Spring. The property was initially acquired in 2007. Over the last six years, the partnership recapitalized and renovated the property. Renovations included upgrading the kitchens with new appliances, cabinets and countertops, installing in-unit washerdryers and constructing a new amenity center and leasing center. Additional capital improvements included new roofing, the installation of energy-efficient double pane windows and HVAC units.
FCP Managing Partner, Alex Marshall, commented on the sale, stating, “FCP is pleased with the success of this repositioned property. Woodvale is well-located in a popular suburban Washington, DC location, and with well-managed re-investment, we’ve experienced NOI increases of approximately 45% while at the same time creating a much more attractive and enjoyable community for the residents.”
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.
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 $25 billion. We seek to generate absolute returns with low volatility by exploiting inefficiencies in selected markets and capitalizing on situations that are not in the mainstream of investment opportunities. We creatively seek out new opportunities that allow us to remain a leader in alternative investments.