LANDOVER, MD-With the assistance of Ideal Realty Group, a partnership involving the Bozzuto Group and Fannie Mae sold the 727-unit Coopers Crossing Apartments to Federal Capital Realty Partners for $47.5 million or $65,337 per-unit. For the partnership, the deal marks the turning of a nice profit.

“We sold the property to Bozzuto and Fannie Me for $32 million two years ago,” Robin Williams, senior vice president with IRG, tells Bozzuto and Fannie Mae later relied on Bozzuto Construction for a $6 million renovation of the apartment community. Now, following the disposition, the partnership is left with a tidy $9.5 million return on its investment. IRG was the sole brokerage firm involved in the transaction.

Located on a nearly four-acre parcel along Rte. 450, Coopers Crossing was developed back in 1966 and consists of multiple low-rise structures, as well as a playground and the requisite swimming pool. Residential properties like Coopers Crossing are in great demand these days. According to Delta Associates’ Mid-Year 2004 Report on the investment grade, class B apartment market, the vacancy rate in Landover is at a mere 1%.

The timing of the partnership’s sale was just right given the fact that the property had stabilized at a much higher rent base, and that the demand for apartment properties remains strong. As for concrete interest among potential investors in Coopers Crossing, “I showed it 25 times,” Williams says.

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