FCP Acquires River Pointe

FORT WASHINGTON, MD-Federal Capital Partners has made a name for itself acquiring value-add multifamily properties at just the right price point, investing just the right amount of money into a renovation, and then leasing up the facility at just the right rental rate. Now the firm has closed another transaction – but it is not one of these value add plays. Instead, the company paid $15.2 million in cash for a highly-stabilized garden apartment complex close to Andrews Air Force Base. “These properties are important to us too as it allows us to balance out our portfolio,” Jason Bonderenko, a vice president at FCP, tells GlobeSt.com.

The property, River Pointe, is a-170 unit apartment complex at 8310-8434 Indian Head Highway. Besides its proximity to Andrews Air Force Base, the community is also nearby the National Harbor development area. Gates Hudson & Associates has been retained to manage the property. Alan Davis, Dave Nachison and Brenden Flood with HFF brokered the transaction.

The property is 98% leased and generating cash flow, but there are other reasons why FCP also likes the investment Bonderenko says--namely its location. “It is close to a number of key attractions in the DC area, such as Andrews Airforce Base and the National Harbor.  It is also surprisingly close to the District, he added, with its location along the Indian Head Highway corridor.

Last month, FCP acquired a value-add apartment building in Laurel, MD, for $33.6 million. Called Montpelier Crossing, the 386-unit apartment and townhome community is located close to Fort Meade. 

FCP paid cash for the property, which likely is one reason why it won the deal, Bonderenko says. Eventually, it expects to put some debt on the property.