BALTIMORE-Federal Capital Partners is still married to theWashington, DC area as it seeks out investment acquisitions, but itis also looking closer at second tier markets in the Mid-Atlantic.The company currently has an active pipeline in the Raleigh andPhiladelphia markets and is eager to make another trade inBaltimore, partner Alex Marshall tells GlobeSt.com.

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The firm just closed on a $13.75 million acquisition of amultifamily here, called the Munsey. It is an 18-story, 146-unitbuilding with 4,000-square feet of ground floor retail.

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Located a few blocks north of Baltimore’s inner harbor, it wasconstructed in 1911 by newspaper icon Frank Munsey as an officebuilding--the tallest in the city at that time. It was converted toapartments in 2003.

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The sale was facilitated by the receiver, Gray & AssociatesLLC, and was brokered by CB Richard Ellis. Wells Fargo providedacquisition financing for FCP.

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It is the first Baltimore acquisition for the company’s FCP FundI, but not the company's first deal in Baltimore, Marshall says.“We would very much like to buy additional properties in Baltimore.Occupancies have tightened up over the last couple of years and thefundamentals look good.” Not that DC is being relegated to thecategory of “too expensive for now.” Marshall says the firmhas an active pipeline in the District as well, with several dealspending.

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