Federal Capital Partners and Urban Atlantic have closed on the purchase of two apartment communities located in Prince George’s County, Md. The duo paid $44 million for Holly Spring Meadows, a 224 unit property at 5521 Marlboro Pike and a Woods at Addison a 225 unit community at 6500 Ronald Road. Both assets fall within the affordable housing range and are a 10-minute car ride apart. The transaction arranged by Christine Espenshade and Robert Garrish of Jones Lang LaSalle.
“FCP is excited to be acquiring these properties with Uban Atlantic, as we continue to seek multifamily assets as direct investments or recapitalization in the Washington, D.C. area and Eastern U.S. Holly Spring Meadows and Woods at Addison are both well-maintained and conveniently located, close to major employment centers, retail amenities and key transportation points,” said Jason Bonderenko, senior vice president for residential acquisitions at FCP, in a prepared statement.
