Federal Capital sells $328m D.C.-area multifamily portfolio
Federal Capital Partners has completed the sale of five apartment communities totaling 2,490 units in the suburbs of Washington, D.C., for $328 million. The buyer was not disclosed. The acquisition is considered the largest D.C.-area multifamily transaction in 2016. The portfolio sale includes the following apartment communities acquired through FCP Realty Fund I and FCP Realty Fund II: the 760-unit Cypress Creek in Hyattsville, Md.; the 598-unit Penn Landing in Forestville, Md.; the 466-unit Cambridge Apartments at New Carrollton Station in New Carrollton, Md.; the 424-unit Summerlyn Place in Laurel, Md.; and the 242-unit Toledo Plaza in Hyattsville, Md. Recently, Federal Capital Partner held a $512.1 million close for its FCP Realty Fund III, which targets commercial and multifamily properties in the eastern United States, in October. The fund made 20 investments totaling $332.4 million worth of fund equity.