(To read more on the multifamily market, click here.)
BLADENSBURG, MD-Federal Capital Partners in partnership with NewYork-based Angelo, Gordon & Co. has acquired a three-tower,447-unit, multifamily property here for $24.4 million. It is thefirst acquisition the Washington, DC-based firm has made sinceThomas Carr, former chairman and CEO of CarrAmerica, joined thefirm in late February, as reported in GlobeSt.com.
Park Place Towers, which FCP acquired from an entity controlledby local developer Shaool Construction, is yet another value-addplay for the firm, which has been strategically acquiringundervalued multifamily assets over the last two years. In Augustthe firm, also in partnership with Anglo Gordon, acquired the320-unit GreenwayVillage Apartments in Greenbelt for $23.5 million.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
