FREDERICK, MD—Federal Capital Partners has sold a 290-unit garden apartment complex here for $23.05 million. The property, Overlook Manor Apartments, is located at 1208 Alban Ct. Drew White, Ryan Ogden, Mike Marshall and Sean Piplico of ARA repped FCP in the deal.
FCP Managing Partner Alex Marshall describes the trade as another multifamily value-add play-the company's specialty. "We invested in capital improvements to the common areas, leasing center, landscaping and signage, resulting in an improved profile and higher occupancy," Marshall says in a prepared statement.
This is the company's first sale in its current fund portfolio.
This sale follows FCP's sale of The Phoenix in February, a three-tower, 447-unit high-rise apartment building also in suburban Maryland. That property traded for $48.6 million, or $108,725 per unit.
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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.
