FCP used a $75 million line of credit so it could close the deal without any financing contingencies. The company did not respond to a request for an interview.
FCP's new acquisition, called Toledo Plaza, consists of 22, three-story residential buildings spread across 10 acres. The site is located next to The Mall at Prince George's and is within walking distance of the Prince Georges Plaza Metro Station.
FCP says it intends to reposition the property by improving the common areas and upgrading the systems and finishes--a $6.5 million renovation that it plans to start immediately. "We have repositioned in excess of 7,700 apartment units in the Metro DC and Toledo Plaza provides a great value-add creation opportunity in an established location," FCP Partner Alex Marshall, says in a prepared statement.
Other recent acquisitions by the company include the Monterey, a 432-unit high-rise apartment in Rockville, MD and a 598-unit complex in Forestville, MD. Both were value-add plays, an undeniable sweet spot for FCP.
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