FORESTVILLE, MD–Federal Capital Partners is acquiring two apartment communities in this part of Maryland through a recapitalization of properties owned by Urban Atlantic. The stake in the properties — Holly Springs Meadows and Woods at Addison — traded for $44 million. The communities have a combined 449 apartment units.
The acquisitions are part of FCP's strategy of seeking out multifamily assets as direct investments or recapitalization in the Washington, DC area and Eastern US, according to FCP SVP for Residential Acquisitions, Jason Bonderenko. “Holly Springs Meadows and Woods at Addison are both well-maintained and conveniently located, close to major employment centers, retail amenities and key transportation points.”
Holly Springs Meadows is located at 5521 Marlboro Pike in Forestville. Woods at Addison is located at 6500 Ronald Rd. in Capitol Heights. Christine Espenshade and Robert Garrish at JLL arranged the transaction.
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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.
