Federal Capital Partners (FCP) today announced the sale by affiliate St. Charles Companies of the Essex Village Apartments, a 496-unit apartment complex in Richmond, Va. to GHC Housing Partners, for $28.6 million. The complex, located at 3901 Pilots Lane, is a 100% project based Section 8 (HUD subsidized) property.
“FCP will continue to seek to finance and acquire properties in the Richmond market, as the company continues to grow its Mid-Atlantic portfolio,” said St. Charles Companies CEO, Alan Shearer. “For St. Charles, the focus will remain on the continued development and growth of our 9,100 acre master-planned community. We have experienced record demand for St. Charles’ new homes and apartments and we are committed to an organized, well-planned and executed development process that will meet that demand.” The company announced last week that quarterly sales of new homes for its three homebuilders achieved a ten-year record in the first quarter of 2012.
Marcus & Millichap represented the St. Charles Companies in the Essex Village transaction. The St. Charles Companies (www.stcharlesmd.com) includes American Community Properties Trust, The Apartments of St. Charles, American Land Development and St. Charles Community, LLC. The St. Charles Companies’ lines of business include the residential and commercial development of St. Charles, a 9,100 acre planned community in Charles County, Maryland and the ownership of an operating apartment portfolio of approximately 2,500 units in St. Charles.
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 commercial and multi-family assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area. FCP currently manages a portfolio of approximately $2 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. The company is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets. For further information on FCP, please visit www.fcpdc.com
About GHC Housing Partners
GHC Housing Partners and its property management affiliate, PK Management LLC, focus on acquiring and managing subsidized housing properties throughout the U.S. The company’s core business is the acquisition of multifamily properties with projectbased Section 8 contracts. Based in Sherman Oaks, Calif., GHC Housing Partners and its affiliated entities are among the country’s largest owners and managers of HUD-subsidized housing with approximately 16,000 units in 21 states. GHC Housing Partners and PK Management collectively employ over 550 employees nationwide, and operate regional offices in Cleveland, Ohio, and Greenville, S.C. (For more information about GHC Housing Partners log onto www.ghchousing.com; learn about the Perlman Foundation at www.perlmanfoundation.org. Media inquiries should be directed to Chris Goddard at CGPR at email@example.com or 781-640-8387.