Federal Capital Partners is continuing to do what it does best -- buy apartment buildings in need of repair or repositioning and then turn them into viable cash flows -– with its latest acquisition.
FCP has closed on a 598-unit, 22-building multifamily complex in Forestville, MD. FCP is not discussing the price, per its usual policy. However those close to the deal say it traded at $50,000 per unit. The rehab of the complex, called Park Berkshire, will be another $14 million outlay for FCP. The firm acquired the 28-acre spread from a Bethesda company called Rimsi, which was represented by Coldwell Banker Commercial Ideal Realty Group.
Despite the credit crunch, FCP is looking well-heeled for further acquisitions. This particular property was acquired through its recently formed private equity fund – FCP Fund I LP – which has $600 million in purchasing power, according to the firm. Its investment targets will be real estate assets in the Mid-Atlantic region.
After the big NPR and DoJ deals we wrote about last week, you’d think news from NoMa would be slowing.
Not quite. The identity of the high-end grocery store long rumored to be planning to locate here is now revealed. Harris Teeter has inked a lease for 50,000 SF at Stonebridge Carras’ Constitution Square. It will be NoMa's first grocery store, according to BID president Liz Price, who has been faithfully guarding the store's identity for months. What's next for NoMa after this banner two weeks?
A "well known food service operator" will be announcing it has signed a lease, she tells Bisnow. It's not the next Asia Nora but it will be a casual dining facility, joining the submarket's two other eateries.
Also, she tells us, NoMa will announce very soon that this summer it will be hosting two big cultural and entertainment events, including a film festival -- stay tuned for the festival's theme. The point, she says, is to acquaint people with NoMa’s rapid development. "The real estate and investment community is very aware of what is happening here," she says. "But we want to attract a broader audience now and get them excited about what we are doing."