BLADENSBURG, MD-The Phoenix, a three-tower, 447-unit high-rise apartment building here, has traded for $48.6 million, or $108,725 per unit. The seller is Federal Capital Partners with Angelo, Gordon and Co. and The Donaldson Group. The buyer was not disclosed but a source tells GlobeSt.com that it is an entity called Florida Value Partners. The building is located near the intersection of the Baltimore-Washington Pkwy and Annapolis Rd.
As with much of its portfolio, FCP scooped up The Phoenix as a value add play. The owners stabilized and repositioned it, says FCP Managing Partner Alex Marshall in a prepared statement. "A major renovation, along with common area and recreational improvements, has brought this well-located and prominent property back to life with a stabilized occupancy of 95%," he says.
Renovations included new facades, new windows, landscaping improvements, pool and playground renovations, elevator modernizations, new mechanical and plumbing systems and fencing and security upgrades.
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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.
