GREENBELT, MD-Federal Capital Partners (FCP) and Angelo, Gordon & Co. have acquired Greenway Village Apartments for $23.5 million. Federal Capital declined to name the seller of the 320-unit apartment complex here.
In this case, the acquisition was based largely on the complex's location, which is very close to the Beltway and accessible from Interstate 95 and the Washington Parkway. The complex itself--nine four-story residential buildings situated on 15 acres--is a class C property.
The Washington, DC-based real estate investment and development company will either completely renovate it, demolish it to rebuild, or partially demolish it for less extensive redevelopment. Renovation of the property would involve investing up to $12 million, the company says. Redevelopment could include a combination of townhomes, apartments, and/or age-restricted housing.
"We haven't decided yet," FCP associate James Rizzo tells GlobeSt.com. "We are just getting into vetting these options with the county and the City of Greenbelt."
Whichever option is ultimately selected, he says, Greenbelt is an excellent submarket for a repositioned multifamily complex. "Its growth has been tremendous over the last few years and is an outstanding locations to push property up market."
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