FREDERICKSBURG, VA—Days after Federal Capital Partners sold a 432-unit garden apartment community in Frederick, MD for $41 million, the company announced it has acquired a 200-unit apartment community located at 1100 Townsend Blvd. here, for $18.8 million.
The community, Townsend Square, was developed in 1995. It is located two miles from I-95 and is close to the VRE Commuter Rail Line, the Route 1 corridor, historic downtown Fredericksburg and the University of Mary Washington.
Townsend Square participates in a tax credit program that provides affordable rates to qualified renters.
FCP targeted the Fredericksburg market because, as managing partner Alex Marshall says in a prepared statement it "has become one of the fastest growing areas of the Washington MSA…". The property is also close to major employment centers, he noted.
Kettler has been retained to manage the property. Ari Firoozabadi and John Mullen of The Greysteel Co. represented FCP in the transaction.
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