Federal Capital Partners® (FCP) plans to begin construction in June on the third phase of West Village, consisting of 156 new luxury apartments. Located on the block between West Main Street and West Morgan Street in downtown Durham, the new six-story building will complement the highly successful first two phases of West Village, which transformed historic tobacco warehouses into some of Durham’s most sought-after loft apartments. The new building will complement the architectural heritage of the first two phases, while offering an additional modern option for residents seeking a lifestyle that puts them within steps of restaurants, shopping and nightlife. The West Village properties will all operate under a new logo, designed to reflect their history and sense of place.
“The next phase of West Village expands the footprint of a key participant in revitalized downtown Durham and provides better connectivity to the heart of downtown,” said FCP Vice President, Bryan Kane. “With strong occupancy at our existing West Village properties and continued demand for apartments in the downtown district, we view this phase as important to our West Village community of residents, retailers and businesses and also invigorating to the entire city.”
In recent weeks, the West Village leasing office has been moved to a larger and more prominent location on West Main Street and will feature a resident lounge. Throughout this year, additional community improvements will be put into place, including new signage and improved access to the courtyards and amenity areas, wifi hotspots, outdoor grilling kitchens and game rooms. The community’s fitness center is moving in the next few weeks to a new location near the Leasing Center and will feature state-of-the-art equipment, yoga room and a juice bar. West Village residents will have access to a new Zipcars® program beginning this month, with two cars available at the parking lot adjacent to the leasing center on West Main Street. This popular and environmentally friendly program increases mobility for residents while reducing the need for cars in a walkable urban environment.
The new building will offer a mix of studios, one and two-bedroom apartments along with building amenities such as a club/lounge area, on-site bicycle storage, secure access and an elevated pool deck with passive and active recreation areas. Apartment features include:
- 9+ foot ceilings
- Granite counters
- Open kitchens with islands
- Tile tub surrounds
- Hardwood flooring in foyers, hallways, and living areas
- Ceramic tile in kitchen and baths
- Stainless steel appliances
- Full-size washer and dryer
A comprehensive parking management plan will be put into place in June, ensuring that the needs of residents, commercial and retail tenants and their customers are accommodated through the construction period and after project completion. Garage areas will have improved signage, and use permits will provide clear guidance on where people can park for easy access to their destination.
Leasing for West Village III will be handled by Bell Partners. Please visit www.westvillagedurham.com for more information.
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