FEDERAL CAPITAL PARTNERS RECAPITALIZES D.C. MULTIFAMILY PORTFOLIO

WASHINGTON, D.C. — Federal Capital Partners (FCP) has recapitalized six multifamily properties totaling 2,044 units in the Washington, D.C., metropolitan area. The recapitalization values the portfolio in excess of $240 million, making it the largest portfolio transaction in the Washington, D.C., area so far this year. FCP and its partner ROSS Cos. will retain an ownership interest in the portfolio and continue to provide property management services. The properties include The Strand (394 units) in Alexandria, Va.; Cypress Creek (760 units) in Hyattsville, Md.; Summerlyn Place (424 units) in Laurel, Md.; and three adjacent properties in New Carrollton, Md. — Cambridge Crossing, Lenox Court and Sutton Walk (466 units combined). Wells Fargo and Fannie Mae provided financing for the transaction. ROSS Renovation & Construction will manage the capital improvements for the six communities.