The Allegro

Transaction: Acquisition through foreclosure auction of condo-finished, Class AA, urban mid-rise apartment community  

Asset Summary: 297-unit, luxury urban apartment building, including a 247-space underground parking facility and 6,071 square feet of retail space
 
Location: Two blocks from the Columbia Heights Metro Station in the Columbia Heights Submarket of Washington, DC, one of the top emerging submarkets in the District

Date Closed: November 2009
   
Investment Strategy:  

• Failed condominium project needed to be recapitalized and leased as apartments
• Close relationship with pre-foreclosure property management company provided valuable strategic insight  
• Negotiated with developer and lender for over 18 months prior to foreclosure, allowing FCP to move decisively at foreclosure
• Post foreclosure, worked closely with management company to accelerate lease-up
• Reached 95% occupancy in Summer 2010 

Awards: 

• Highest Lease-Up Pace - District of Columbia Apartment Community: 2010 - from Delta Associates
• Best 2009 Multifamily Investment Sale Transaction – from Washington Business Journal, Best Real Estate Deals

Exit Strategy: 

• Sale to core buyer