Silver Spring Workforce Housing Trades for $53M

SILVER SPRING, MD-Federal Capital Partners and its equity partner, Angelo, Gordon & Co., have sold the Woodvale Apartments, a 376-unit garden apartment community here for $53.2 million. The buyer is a national apartment operator backed by an institutional equity fund. The property management company is the Donaldson Group. The brokers in the transaction were Jones Lang LaSalle’s Al Cissel and Scott Melnick.

FCP acquired the property in 2007 and then proceeded to recapitalize and renovate the property, by upgrading kitchens and building a new amenity and leasing center. Other capital improvements included new roofing, the installation of energy-efficient double pane windows and HVAC units. Since it has owned the property the company has experienced NOI increases of approximately 45%. All in all, the investment was the quintessential FCP value add play.