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.
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.
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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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
