GREENBELT, MD-Federal Capital Partners and its partner, Angelo, Gordon & Co., have sold the Hanover Apartments, a 320-garden unit residential community here for $39.5 million to an affiliate of the Harbor Group. Allen Manesh and Dean Sigmon of Ideal Realty Group managed the sale for the venture.
The two firms purchased the property in mid-2006--a period of time when they were snapping up value-add apartment buildings in the Maryland suburbs. The building was originally called Greenway Village Apartments, and the duo acquired it for $23.5 million.
They are selling it now that it has been stabilized and the majority of the redevelopment work has been completed, a spokesman from FCP tells GlobeSt.com. More than $9 million has been invested for such upgrades as new roofs, windows and balconies along with extensive upgrades to in-unit interiors and common areas.
This acquisition follows another recent purchase by the Harbor Group. Earlier this summer one of its affiliates acquired the 15-story, 283-unit Ashton Heights Apartments in Suitland, MD from an affiliate of Berkshire Property Advisors for $25.5 million.
Other local holdings by the Norfolk-based real estate investment and management firm include the 768-unit Hamptons at Town Center Apartments, located in Germantown, MD, and 1211 Connecticut Ave., a 125,119-square-foot office building that it acquired in August 2009 for $35.2 million.
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