FCP used a $75 million line of credit so it could close the dealwithout any financing contingencies. The company did not respond toa request for an interview.

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FCP's new acquisition, called Toledo Plaza, consists of 22,three-story residential buildings spread across 10 acres. The siteis located next to The Mall at Prince George's and is withinwalking distance of the Prince Georges Plaza Metro Station.

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FCP says it intends to reposition the property by improving thecommon areas and upgrading the systems and finishes--a $6.5 millionrenovation that it plans to start immediately. "We haverepositioned in excess of 7,700 apartment units in the Metro DC andToledo Plaza provides a great value-add creation opportunity in anestablished location," FCP Partner Alex Marshall, says in aprepared statement.

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Other recent acquisitions bythe company include the Monterey, a 432-unit high-rise apartment inRockville, MD and a 598-unit complexin Forestville, MD. Both were value-add plays, an undeniable sweetspot for FCP.

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