Carr Properties, FCP Vets Launch New Investment Firm: The D.C. Deal Sheet
Two D.C. real estate veterans are launching a firm targeting $1B in investments along the East Coast and Sun Belt.
Erik Weinberg, previously a partner with FCP, and Jackson Prentice, who spent most of his career at Carr Properties and MRP Realty, are partnering on the new venture called Montclif.
The Chevy Chase, Maryland-based investment firm is largely targeting office buildings with distressed or underperforming capital stacks in the price range of $30M to $150M, Weinberg told Bisnow on Friday.
The firm would partner with equity investors for each deal, creating deal-by-deal joint venture structures, rather than raising large funds. FCP is supporting the platform operationally and is a potential equity investor, the company posted on LinkedIn.
Weinberg said the firm is looking for “higher-quality assets” with “institutional quality that have some varying degrees of value-add to them.”
He said it's very interested in assets that have been owned for a long time by the same ownership groups that are unwilling or unable to restabilize the assets.
“Those are really interesting deals to us because often they've been well maintained,” Weinberg said. “There's not a tremendous amount of deferred maintenance or anything like that, and they can be bought with some cash flow.”
The firm is actively targeting investments in the D.C.-area market with some deals in the works, including a few in D.C. proper, Weinberg said. Other target markets include the Carolinas, Atlanta, Nashville, Dallas and Boston.
LEASES
Architecture firm RDC has moved its D.C.-area office from Reston Town Center to Ashburn. The Long Beach, California-based company opened a 2,400 SF office at Kite Realty Group’s 20365 Exchange St. at the One Loudoun mixed-use development. The office will serve as the firm’s national retail architecture studio. It’s a downsize from the firm’s previous 4K SF, a spokesperson told Bisnow. Scottsdale, Arizona-based Phoenix Design One designed the firm’s new space. JLL’s Kelly Katz represented both RDC and Kite.
SALES
CPF Healthcare Real Estate has picked up a 117K SF medical outpatient building in Alexandria in an off-market deal, according to a release. A Remedy Medical Properties and Kayne Anderson Real Estate joint venture sold the property at 4660 Kenmore Ave. for $16.5M, Alexandria property records show. Avison Young’s Jim Kornick, Mike Wilson and Erik Foster represented the buyer, which has also retained the brokerage for property management services.
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BXP sold its 50% ownership stake in the Marriott International headquarters in Bethesda to its joint venture partner, The Bernstein Cos., the REIT announced this week. The deal valued the property at $430M, and BXP recorded net proceeds of $83M. BXP and Bernstein delivered the 21-story, 743K SF office building for the hospitality giant in 2022. In selling its equity, BXP was represented by CBRE’s Tommy Cleaver, Bill Shanahan, Dan Grimes and Chloe Neal.
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Urban Atlantic has acquired a 126-unit senior housing community in downtown Laurel it plans to renovate while preserving its affordability. The Prince George’s County Department of Housing and Community Development, which provided gap financing through its Right of First Refusal loan program, announced the deal this week. A price wasn't disclosed.
Selborne House of Laurel was developed in 1998, and its affordability restrictions were set to expire in 2028. With Urban Atlantic’s acquisition, the units will remain affordable for another three decades. The county’s ROFR program provides gap financing to help create long-term affordability. Urban Atlantic is set to begin renovations later this year after it closes on a tax credit syndication with low-income housing tax credit equity.
MILESTONES
Developers broke ground on the long-awaited Rivana development, set to total 8.5M SF of mixed-use across 103 acres next to the Innovation Station Metro station in Loudoun County. Timberline Real Estate Partners and Origami Capital Partners are behind the project. The most recent plans were approved in 2023, but the development vision for the site has been in the works for decades. The first phase is set to total 2.4M SF, including 1,600 apartment units, a hotel, 100K SF of office and a retail village, LoudounNow reports.
PERSONNEL
Philippe Lanier has been appointed CEO of EastBanc, taking over for his father, Anthony Lanier, the company announced this week. Philippe Lanier joined EastBanc in 2007 and between 2019 and 2024 served as CEO of EastBanc Technologies. Anthony Lanier, who founded the company in 1987, will continue on as president. The company’s release announcing the news said it’ll be launching a strategy to acquire value-add properties in D.C.’s urban core in what it calls a “generational buying opportunity” in the nation’s capital.
