Chevy Chase, MD — Federal Capital Partners (FCP) announces the $88.7 million sales of two Prince George’s County apartment communities, South Pointe and Montpelier Crossing.
Located within walking distance of the Southern Avenue Metro station in Temple Hills, MD, the 390-unit South Pointe Apartment property was originally purchased by FCP as Oxon Park and Oxon Terrace in November of 2011. The property underwent an extensive common area improvement plan during FCP’s ownership.
Montpelier Crossing, with 386 units on Muirkirk Rd. in Laurel, was acquired by FCP in October of 2011 and also underwent substantial renovations, including the construction of a new leasing center and fitness facility which helped reposition the property within the quickly growing Fort Meade area.
FCP vice president, Chris LoSapio, said on the two sales, “Our business plans at these two well-located communities are complete and were highly successful, with strong leasing performance and steady NOI growth.”
FCP extends its appreciation to Transwestern’s Dean Sigmon and Robin Williams for their representation of FCP at South Pointe and to Bill Roohan, Mike Muldowney and Martha Hastings of CBRE for their representation at Montpelier Crossing.