504 Unit $10 Million Investment Expands Charleston, SC and Charlotte, NC Portfolios
Federal Capital Partners® (FCP), through a $10 million investment, is recapitalizing two multifamily communities with a total of 504 apartments in Charleston, SC and Charlotte, NC. FCP is investing in the properties through a partnership with High Real Estate Group LLC, a full-service developer/owner of residential and commercial properties who will retain an ownership interest in the portfolio and continue to provide property management services. Common area and individual apartment upgrades are planned for both communities. Financing was provided by Capital One Bank.
“FCP is looking forward to its new relationship with High Real Estate Group, a highly respected owner and manager of multifamily communities on the East Coast,” said FCP Vice President, Bryan Kane. “Charleston and Charlotte both show strong positive job and population growth patterns, and we are excited to continue growing our portfolio in these markets.”
“High Real Estate Group is delighted to be working with FCP,” said President and COO Mark Fitzgerald. “Together we will continue our focus on delivering the high quality communities and outstanding customer experience that attracts and retains long-term residents.”
Plantation Oaks, a 264 unit apartment community in Charleston, SC, is FCP’s fourth investment in the Charleston area. The highly amenitized community is located west of the Ashley River in Charleston. Residents of the one and two-bedroom apartment homes enjoy screened porches and fireplaces along with a resort-style salt water pool, clubhouse, fitness center, fishing ponds and boat parking.
York Ridge, with 240 units, marks FCP’s third investment in Charlotte, NC. The community is well-located and features one, two and three-bedroom apartments with a saltwater pool, picnic areas, tot lot, fitness center, dog park and tennis courts.
About High Real Estate Group LLC
High Real Estate Group is a full-service real estate organization providing expertise in development, brokerage, architecture, construction, and investments, and holds real estate assets with annual revenue of $190 million and an estimated market value of approximately $1 billion. Through its affiliate, High Associates Ltd., it also offers a full complement of real estate services including asset and property management, appraisal services, grounds and property maintenance, strategic planning, and consulting. The company manages more than nine million square feet of office, industrial, multi-family, hotel, and retail properties throughout the eastern United States. High Real Estate Group is based in Greenfield Corporate Center, East Lampeter Township, Lancaster, PA. More information is available at www.highrealestategroup.com or 1-800-638-4414.
About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests, owns, develops and manages a portfolio that includes all real estate asset classes in major East Coast Markets. In addition, FCP provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com