After much consideration of the market--as well as offers from several firms--he has resurfaced at Federal Capital Partners as a partner in the eight-year-old investment and development company.

For the past two years Federal Capital Partners has been targeting the multifamily asset class, although its $1-billion portfolio also includes retail, industrial and class A and B office assets. "I like their flexibility and the ease in which they can move from asset class to asset class," Carr tells GlobeSt.com.

He says, continuing to work primarily with office assets, as he did at CarrAmerica, was not high on his list of priorities. "My concern about the office market is it's overpriced in this region. The numbers people are underwriting are unlikely to be achieved."

As he was considering his next move, he says he was approached by a few investors seeking to develop national funds to invest in office assets--opportunities he declined in favor of pursuing alternative strategies.

Carr is also looking forward to the possibility that FCP will one day develop a larger footprint than the immediate region--although he adds that for at least the next two years the firm will remain focused on the DC area. "There is more than enough to keep us occupied here."

On board now for roughly two weeks, Carr has spent his time at the firm better familiarizing himself with the portfolio and operations. His principal focus will be working on growth business strategies and helping to close major transactions. "I expect to bring a new perspective to their strategy." Not that he expects to make dramatic changes to FCP's business model. "I am joining them because I like their strategy so much, so any changes will just be part of a steady progression from where they are now."

In particular, Carr says, he likes FCP's focus on the value add plays, pointing to its investments in class B and C multifamily residential properties in recent years. "These have been older properties, some of which were quite significant in size. FCP has turned these around with renovations and other improvements and has been able to raise rents that are still in keeping with the market but have nonetheless created tremendous value."