Federal Capital Partners (FCP) today announced a joint venture to develop Takoma Central, a mixed-use project with 156 rental apartment units and ground floor retail in the Takoma Park neighborhood of Washington, DC. The JV anticipates a total project cost of approximately $36 million. Takoma Central is located at 235 – 255 Carroll Street, NW, just 500 feet from the Takoma Metrorail station and steps from the many shops and restaurants of this historic urban village.
FCP is developing the project in partnership with Level 2 Development, LLC, one of Washington, DC’s premier multi-family developers and SGA Companies, the project architect. Phase 1 construction has already begun, and Phase 2 will begin later this year. Completion is expected in the 4th quarter of 2013.
The project will feature 8,000 square feet of prime retail space along Carroll Street, a fitness center, business center, outdoor terrace, community room, bike storage, and other Class A amenities. Apartments will feature granite countertops, stainless steel appliances, washer and dryer, designer lighting packages, ceramic tile bathrooms, and balconies in select units.
“Takoma Park is a high barrier to entry, metro market with little to no new apartment supply projected in the near future.” said FCP Vice President of Residential Development, Wade Casstevens, who will oversee project development. “We believe Takoma Central will enhance the village environment that distinguishes Takoma Park from other DC metro station communities.” Takoma Central will be one of only two Class A apartment communities near the Takoma Metro.
“In addition to bringing new residents to this already vibrant community, the Takoma Central project will create a continuous pedestrian experience and bridge the gap between the Takoma Metro station and the commercial district to the east,” said Jon Kardon, Senior Development Manager at Level 2 Development. “We are thrilled to be partnering with Federal Capital Partners in this exciting development.”
MAC Realty Advisors, LLC represented Level 2 Development 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
About Level 2 Development, LLC
Level 2 Development, LLC (www.level2development.com) is a Washington, DC based real estate firm specializing in the development of luxury residential and mixed-use projects that offer the highest level of finishes and detail. Level 2 believes in building strong relationships with all of its partners — equity sources, design and construction professionals, residents of its communities, and with local stakeholders in the larger communities in which it works. Level 2 has proven success in land acquisition, entitlement, and construction management. Since its founding in 2005, the company has led the development of more than 750 residential units, representing transaction volume in excess of $230 million.