{"id":1004103178,"date":"2014-09-03T06:25:03","date_gmt":"2014-09-03T14:25:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004103178"},"modified":"2022-12-08T03:50:43","modified_gmt":"2022-12-08T11:50:43","slug":"federal-capital-partners-closes-on-record-apartment-portfolio-deal-in-dc-area","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/federal-capital-partners-closes-on-record-apartment-portfolio-deal-in-dc-area\/","title":{"rendered":"Federal Capital Partners Closes on Record Apartment Portfolio Deal in DC Area"},"content":{"rendered":"
\"The<\/a>

The Strand, Alexandria, Va.<\/p><\/div>\n

By Keith Loria, Contributing Editor<\/p>\n

Federal Capital Partners has acquired six Washington, D.C.,\u00a0metropolitan area properties and plans capital improvements on all of them. Totaling 2,044 apartments, the $240 million deal marks the largest apartment portfolio transaction in the area this year.<\/p>\n

The seller, ROSS Cos., will retain an ownership interest in the portfolio and continue to provide property management services.<\/p>\n

\u201cIt\u2019s a stable, well-located portfolio of quality workforce housing at price points which are in high demand, with value enhancement opportunities,\u201d Jason Bonderenko, Federal Capital Partners\u2019 vice president for residential acquisitions, told Commercial Property Executive<\/i>. \u201cThis wasn\u2019t really a timing play for us. We\u2019ve found that properties like this can be good investments no matter where we are in the cycle.\u201d<\/p>\n

The portfolio includes a high-rise apartment community in\u00a0Northern Virginia\u00a0and five garden-style apartment communities in\u00a0Maryland.<\/p>\n

\u201cWe like to target solid, cash-flowing properties with the opportunity to improve the cash flow due to growing markets\/submarkets and value creation,\u201d Bonderenko said. \u201cThis investment checked all of those boxes.\u201d<\/p>\n

The locations are all inside or near the Capital Beltway, and four of the properties are within walking distance to the Metro. Most are within submarkets with new mixed-use developments underway that will provide new retail amenities.<\/p>\n

The properties include The Strand, two high-rise buildings located in Alexandria, Va., with 394 total units located near the Landmark Mall, which is under redevelopment, as well as I-395 and the Washington Beltway; Cambridge Crossing,\u00a0Lenox Court\u00a0and\u00a0Sutton Walk, three adjacent properties with a total of 466 units within walking distance of the\u00a0New Carrollton\u00a0Metro station orange line and MARC station (new Carrollton is also a planned stop on the proposed purple line); Cypress Creek, 760 units in\u00a0Hyattsville, Md., within walking distance of the West Hyattsville Metro station; and Summerlyn Place, 424 units in\u00a0Laurel, Md., near the Laurel Mall, which is under redevelopment.<\/p>\n

\u201cAll of the properties will undergo targeted capital improvements to common areas, systems and unit interiors,\u201d Bonderenko said. \u201cThe properties near the New Carrolton Metro station (Cambridge Crossing, Sutton Walk and Lenox Court) will be rebranded and fully renovated.\u201d<\/p>\n

Additionally, Bonderenko said, all provide convenient access to jobs located throughout the D.C. metro area.<\/p>\n

Financing was provided by Wells Fargo and Fannie Mae. ROSS Renovation & Construction will be managing the capital improvements for the six communities.<\/p>\n","protected":false},"excerpt":{"rendered":"

Federal Capital Partners has acquired six Washington, D.C., metropolitan area properties and plans capital improvements on all of them. <\/p>\n","protected":false},"author":755,"featured_media":1004103180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742],"tags":[],"class_list":["post-1004103178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest"],"acf":[],"yoast_head":"\nFederal Capital Partners Closes on Record Apartment Portfolio Deal in DC Area - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/federal-capital-partners-closes-on-record-apartment-portfolio-deal-in-dc-area\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Federal Capital Partners Closes on Record Apartment Portfolio Deal in DC Area\" \/>\n<meta property=\"og:description\" content=\"Federal Capital Partners has acquired six Washington, D.C., metropolitan area properties and plans capital improvements on all of them.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/federal-capital-partners-closes-on-record-apartment-portfolio-deal-in-dc-area\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-09-03T14:25:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T11:50:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/09\/Strand.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"500\" \/>\n\t<meta property=\"og:image:height\" content=\"282\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Suzann D. 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