FORESTVILLE, MD—Continuing its strategy of targeting value-add multifamily properties in outer-lying submarkets, Federal Capital Partners has acquired Regency Square, a 366-unit apartment community here for $21.8 million in an off-market transaction.
The three-story garden apartment community is FCP's 9th apartment community acquisition this year.
The goal is to reposition and recapitalize the property, says FCP Vice President Jason Bonderenko. One plus the property has to offer tenants is its one-mile distance from the Addison Road Metro station. FCP is planning to make $8 million of upgrades to the common areas, deferred maintenance items and building systems. It has retained Gates Hudson to manage the community.
Robin Williams, Dean Sigmon and Justin Shay of Transwestern represented the seller in this transaction. Capital One Bank is providing acquisition and renovation financing.
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