Crystal Park, Frederick, MD


FCP Crystal Park

Transaction:
Acquisition of a garden-style apartment complex in a growing Washington, DC submarket

Asset Summary: 314-unit Class B garden apartment community built in 1990

Location: 30 miles northwest of Washington, DC in the growing community of Frederick, MD

Date Closed: November 2009

Investment Strategy:

  • Off market purchase of institutional quality asset from open ended fund with need for immediate liquidity
  • Strong relationship with seller which gave them confidence in our ability to perform
  • Purchased at 70% of replacement cost
  • NOI growth anticipated due to improved vacancy, reduced concessions and aggressive asset management
  • Financed with 65% floating low rate loan resulting in strong levered cash flow

Exit Strategy: Sold in May 2013