Transaction: $300 million acquisition of St. Charles (formerly American Community Properties Trust (NYSE: APO) in a stock purchase totaling $43.6 million
Asset Summary: 3,350 apartments, 230,000 square feet of office space, and 4,500 acres fully entitled for over 11,000 residential units and 5 million square feet of commercial development
Location: St. Charles, a 9,100 acre, master planned community located in Charles County, MD, just 13 miles south of the DC Beltway. St. Charles is home to 40,000 residents.
Date Closed: December 2009
Exit Strategy: Sale to REIT or core buyer