FREDERICK, MD—Federal Capital Partners has sold Willowdale Crossings Apartments, a 432-unit garden apartment community here for $41 million to an undisclosed buyer. The apartment community, which FCP acquired in 2011, is located at 108 Willowdale Dr. in Frederick, a submarket that has an appeal to FCP. FCP acquired Willowdale, then dubbed the Brookside, along with Overlook Manor for $50.5 million.
The company acquired the properties at a discount to replacement cost, it said in a statement at the time.
FCP's subsequent investment in the property resulted in "higher occupancy and positive NOI growth," said FCP Managing Partner Alex Marshall in a prepared statement.
Drew White, Sean Piplico and Ryan Ogden from ARA Mid-Atlantic facilitated the transaction.
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