Federal Capital Partners (FCP) today announced the sale of 59 townhome lots to Craftstar Homes. The lots are part of the 33-acre Woodlake Apartment community purchased by FCP in 2003. FCP and partners Angelo, Gordon & Co. and The Donaldson Group received approval to develop the lots in 2006.
The Woodlake site is located on Castle Boulevard in Silver Spring, Maryland, just off Briggs Chaney Road, near the newly opened Intercounty Connector (ICC).
FCP has begun installing approximately $2.9 million of infrastructure to finish the pads for Craftstar. The new subdivision will be comprised of 51 market-rate units and 8 moderately priced units. It is forecasted that the market-rate townhomes will be sold from the $330’s. Interested parties should contact Annie Sickmen at Craftstar at 240.686.1940 or asickmen@craftstarhomes.com or FCP Development Manager, Rohit Mahyera at rmahyera@fcpdc.com.
FCP extends its appreciation to Steve Varga at Enterprise Realty for advisory services on this transaction.
About Federal Capital Partners
Federal Capital Partners (FCP) is a Washington, DC based, privately held real estate investment company that has acquired interests in more than $2 billion in assets since 2003. FCP invests in residential and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area. Over the past two years, FCP has been one of the most active investors in the Washington region, amassing more than $1 billion in real estate assets. 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.