WASHINGTON, DC—Federal Capital Partners hasbought a majority stake in a six-asset multifamilyportfolio in the Washington DC area. The 2,044-unitportfolio is a partly owned by ROSS Cos.and FCP's recap values it at $240million. It is the largest apartment portfolio transactionin the DC area this year so far, according to FCP's JasonBonderenko.
ROSS, which is retaining an ownership interest in the portfolio,will continue to provide property management services, intends tofund and complete capital projects. The recapitalization values theportfolio in excess of $240 million. The properties include:
· The Strand, a 394-unit, two high risebuildings in Alexandria, VA. The property, which is close toLandmark Mall, is currently undergoing redevelopment.
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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.
