Federal Capital Partners (FCP) today announced the sale of the Allegro Apartments to an institutional buyer for an undisclosed price. FCP purchased the 297-unit, luxury apartment building in November of 2009 and, after successfully directing a rapid lease-up of the building, recapitalized the property in July of 2011. The Allegro is located in the Columbia Heights submarket of Washington, DC, now one of the most desirable residential locations for Washington’s growing young workforce. The building includes a 247-space underground parking garage and more than 6,000 square feet of retail space.
“The Allegro has realized its potential, benefiting from FCP sponsorship and fueled by a rising demand for sophisticated urban apartments in the heart of Washington, DC,” said FCP Managing Partner, Alex Marshall. “While we are a strong believer in the long term market for apartments in Washington, we felt we had accomplished the gains in value we had set out to achieve and were able to again provide excellent returns to our Fund I investors.”
FCP extends its appreciation to Dave Nachison and Alan Davis of HFF for their representation.
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. 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