FEDERAL CAPITAL PARTNERS PURCHASES HIGH-RISE APARTMENTS

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ROCKVILLE, MD. — Federal Capital Partners, in partnership with Angelo, Gordon & Co., has purchased The Monterey, a 432-unit, 16-story high-rise apartment community in Rockville. Federal Capital will re-establish the property as a Class A complex through a $17 million renovation. The property was 45 percent occupied at the time of sale, and is located at the intersection of Rockville Pike and Montrose roads.

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