WASHINGTON, D.C. — Washington, D.C.-based Federal Capital Partners (FCP) has acquired St. Charles, Md.-based REIT American Community Properties Trust (ACPT) for approximately $320 million. The transaction, which closed at the end of 2009, caps a busy year for FCP, which purchased more than $525 million of Washington-area residential and commercial real estate during the time.
As part of the deal, FCP will take control of ACPT's portfolio, which comprises 3,200 apartments, 230,000 square feet of commercial space and 4,000 acres of land. The REIT also is the master developer of St. Charles, a 9,100-acre community located in Maryland. The project is more than halfway developed. It currently contains 12,000 single-family and apartment homes; 5 million square feet of commercial space, including a 1.1 million-square-foot Simon mall; eight schools; and seven neighborhood retail centers. In early December, ACPT announced a plan to dedicate the remaining space at St. Charles to green development as well as complete green retrofits on the existing space within the community.
“As FCP takes ownership, we intend to raise the profile of St. Charles and the many benefits and amenities of this outstanding planned community among potential homebuyers and apartment residents in the metro Washington market,” said Alan Shearer, managing director of FCP, in a statement. “Affordability, quality, safety and energy efficiency are key lifestyle issues for people deciding on where they will live, work, play and send their children to school.”
FCP states that taking ACPT private will allow the company to reduce operating costs, improve its financial flexibility and accelerate growth. As part of the transaction, ACPT shareholders will receive a total cash consideration of $43.6 million.
— Coleman Wood