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SILVER SPRING, MD-Federal Capital Partners has replaced Angelo, Gordon & Co. as its joint venture partner in a 534-unit multifamily property. The original JV, with Angelo as majority owner, bought the Ashford at Woodlake Apartments in February 2004 for $44.8 million and sold it to the new JV for $73.3 million.

All that the Washington, DC-based FCP is saying about its new teammate is it’s an institutional equity partner. The sellers spent about $5 million over the past two years renovating the 30-year-old complex along Castle Boulevard. Improvements included a new clubhouse and leasing center, upgrades to the mechanical systems and new kitchens and baths for all units.

As a result of the upgrades, occupancy rose to 95% from 88%. At that point, the New York City-based Angelo, Gordon & Co. was ready to sell the asset, according to FCP partner Alex Marshall. “We agreed with them that it was good time for the partnership to sell that asset,” he tells GlobeSt.com. “But at the same time, we also thought there was upside remaining.” The firms took the property through a full marketing process, receiving more than 20 offers, ranging from $60 million to $73.3 million, according to Marshall.

FCP and Angelo, Gordon & Co. are retaining a 3.2-acre portion of the original property. FCP recently obtained approvals from Montgomery County to build 59 townhomes, which are expected to be priced at $500,000.

As for the acquisition of Woodlake Apartments, FCP’s new partnership expects to continue to leverage the asset’s upside for at least four to five more years. FCP points out that the north Silver Spring submarket is undergoing significant redevelopment. Five of the six commercial properties along Castle Boulevard have been renovated, including Saul Centers’ Briggs Chaney Shopping Center. Also, funding has been approved for the Montgomery County Inter-County Connector, which will be just one mile from Woodlake.

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