WASHINGTON, DC-Federal Capital Partners andSelf Storage Zone are partnering to acquire645 Taylor Street, NE, from the CapitalArea Food Bank. The two companies will redevelop theproperty into a three-story, 78,600 square foot, self-storagefacility. The project cost is estimated to be $12.8million, and when developed, it will include 1,022 units.The facility, which will deliver in the spring of 2014, is thefirst self-storage investment for FCP.

This investment is a first for FCP in the self-storage assetclass, but it won't be the last, according to prepared commentsfrom Tom Carr, FCP managing partner. "“We lookforward to pursuing more self storage opportunities in this regionand throughout the Mid-Atlantic." Michael Benderwith CISL, Tony Lofrumento withSummit Commercial Real Estate and AndyWolf with J Street Cos., helped with thedeal.

This is not the first time FPC has stretched beyond its coreasset class of multifamily, and occasionally, office. Earlier thisyear it entered the manufactured homes space,buying a stake in a 1,358-pad manufactured homeportfolio located in North Carolina, Maryland andPennsylvania.