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Federal Capital Partners has entered into a JV with Urban Atlantic to acquire a stake in two Prince George's County apartment communities.
Through a recapitalization, FCP invested $44M in Holly Springs Meadows and Woods at Addison, two nearby apartment communities totaling 449 units. Urban Atlantic will stay on as a partial owner of the properties. JLL's Christine Espenshade and Robert Garrish brokered the deal.
At 5521 Marlboro Pike in Forestville, Holly Springs Meadows sits less than two miles from D.C.'s eastern border. The community of 224 brick garden apartments features courtyards and an outdoor playground.
The 225-unit Woods at Addison community sits about a mile from the Addison Road Metro station at 6500 Ronald Road in Capitol Heights. It has a pool and tennis and basketball courts.
“Holly Springs Meadows and Woods at Addison are both well-maintained and conveniently located, close to major employment centers, retail amenities and key transportation points," FCP Senior Vice President for Residential Acquisitions Jason Bonderenko said in a release.
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