X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

GREENBELT, MD-Federal Capital Partners (FCP) and Angelo, Gordon & Co. have acquired Greenway Village Apartments for $23.5 million. Federal Capital declined to name the seller of the 320-unit apartment complex here.

In this case, the acquisition was based largely on the complex’s location, which is very close to the Beltway and accessible from Interstate 95 and the Washington Parkway. The complex itself–nine four-story residential buildings situated on 15 acres–is a class C property.

The Washington, DC-based real estate investment and development company will either completely renovate it, demolish it to rebuild, or partially demolish it for less extensive redevelopment. Renovation of the property would involve investing up to $12 million, the company says. Redevelopment could include a combination of townhomes, apartments, and/or age-restricted housing.

“We haven’t decided yet,” FCP associate James Rizzo tells GlobeSt.com. “We are just getting into vetting these options with the county and the City of Greenbelt.”

Whichever option is ultimately selected, he says, Greenbelt is an excellent submarket for a repositioned multifamily complex. “Its growth has been tremendous over the last few years and is an outstanding locations to push property up market.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.