FCP® announces the sale of North Pointe, a 234-unit apartment community in Hyattsville, MD to a JV between July Residential, led by Avihai Daniell and Isaac Pinto, and Firm Capital Apartment REIT for $37.5 million.
“FCP is pleased with the success of our business plan for this community, which included moving and redesigning the leasing office to better drive traffic, curing property wide deferred maintenance, renovating unit interiors, upgrading common areas and new signage to increase curb appeal,” said FCP Associate, Scott Reibstein. Mr. Reibstein continued, “FCP continues to seek Washington DC area investments as the region continues to demonstrate resilience and job growth along with an increased need for workforce housing.”
North Pointe was originally acquired by FCP in May 2012 for $14.75 million. Located across the street from the West Hyattsville Metro Station, the 19-building, garden-style community features large green spaces and convenient access to nearby universities, shopping, restaurants and retailers. Since 2012, Hyattsville has undergone tremendous growth with a number of new mixed-use and shopping projects delivering around the Metro station. The preservation of North Pointe as a workforce housing community amidst increased development of new market rate apartments and homes was central to FCP’s business goals for the property.
FCP extends its appreciation to Brian Margerum and the CBRE Mid-Atlantic Multifamily Investment Sales team for their representation, as well as Gates Hudson for their property management services.
FCP® is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.