Federal Capital partners with Urban Atlantic buy MD apartment communities for $44m

Federal Capital partners with Urban Atlantic buy MD apartment communities for $44m

Published at: 2017-09-27 16:18 | Author: CIJ USA
Federal Capital Partners and Urban Atlantic have closed on the purchase of two apartment communities located in Prince George’s County, Md. The duo paid $44 million for Holly Spring Meadows, a 224 unit property at 5521 Marlboro Pike and a Woods at Addison a 225 unit community at 6500 Ronald Road. Both assets fall within the affordable housing range and are a 10-minute car ride apart. The transaction arranged by Christine Espenshade and Robert Garrish of Jones Lang LaSalle.

“FCP is excited to be acquiring these properties with Uban Atlantic, as we continue to seek multifamily assets as direct investments or recapitalization in the Washington, D.C. area and Eastern U.S. Holly Spring Meadows and Woods at Addison are both well-maintained and conveniently located, close to major employment centers, retail amenities and key transportation points,” said Jason Bonderenko, senior vice president for residential acquisitions at FCP, in a prepared statement.

Similar Stories:

NYC mayor vows to grow city's affordable housing stock
The City of New York has set a city record for preserving more than 24,500 affordable hous  »
MidCap backs ESG Kullen's condo acquisition in Delray Beach, FL
ESG Kullen has landed a $8.4 million bridge loan for the acquisition of 93 units in Murano  »
New Colliers hire to focus on South Florida's multifamily market
Colliers International South Florida has hired Mitash Kripalani. In his new role as vice p  »
Chartwell acquires historic Boston apartments complex
Chartwell Holdings has acquired the Baker Chocolate Factory Apartments in the Dorchester L  »
Hurricane Hermine had the entire state of Florida on the edge of its seat in September. It   »
South Florida’s condo market is readying for a soft landing rather than the crash that m   »
There are approximately 17,000 units in Miami in presale, sold or under construction. Abou   »
The same year Orange County builders pulled 11,000. Fast forward to 2010 and those numbers   »
China’s insurance sector has emerged relatively unscathed  »
New home prices in larger cities like Shenzhen might have de  »
New home prices in larger cities like Shenzhen might have de  »