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HYATTSVILLE, MD-Federal Capital Partners has been branching out geographically and into new assets classes over the past year or so. However, it is still hewing to its core competency of value-add multifamily acquisition—as illustrated by its latest transaction.
FCP has acquired Ager Road Station here for $14.8 million in an off-market deal. A 234-unit apartment complex with a 98% occupancy rate, it is close to the University of Maryland and Howard and Catholic Universities. It is also near FCP’s 242-unit Toledo Plaza property.
In general, class B properties in the Hyattsville submarket offer excellent dynamics, according to FCP managing partner Alex Marshall, with a 97% occupancy rate for Q1 2012. FCP plans to rename Ager Road Station North Pointe and invest $2.5 million in renovations.
The firm recently branched out from its usual investment strategy with the purchase of a manufactured-home portfolio with assets in North Carolina, Pennsylvania and Maryland. FCP did not return a call to GlobeSt.com in time for publication.
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