FREDERICK, MD—Federal Capital Partners has soldWillowdale Crossings Apartments, a 432-unit gardenapartment community here for $41 million to anundisclosed buyer. The apartment community, which FCP acquired in 2011, is located at 108Willowdale Dr. in Frederick, a submarket that has an appeal to FCP.FCP acquired Willowdale, then dubbed the Brookside, along withOverlook Manor for $50.5 million.
The company acquired the properties at a discount to replacementcost, it said in a statement at the time.
FCP's subsequent investment in the property resulted in "higheroccupancy and positive NOI growth," said FCP Managing PartnerAlex Marshall in a prepared 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.
