Chevy Chase, MD


Federal Capital Partners (FCP) announced that it purchased 2337 Champlain Street, NW, a fully-entitled residential development site in the popular Adams Morgan neighborhood of Washington, DC. FCP will develop approximately 40 condominium units on the property in partnership with locally based Altus Realty Partners. Construction is expected to start in early 2012.

“We are actively pursuing condominium development sites in superior locations,” said FCP Managing Partner, Lacy Rice. “Champlain Street is an excellent location – a quiet residential street just one block from dozens of exciting restaurants and entertainment venues. Condominium inventory is very low throughout DC and in Adams Morgan in particular.”

Altus Principal Charlie Kehler added, “The project is in a proven condominium location and can deliver quickly. We are confident 2337 Champlain will be an attractive option for residents seeking a charming neighborhood feel in a vibrant urban location.”

2337 Champlain Street is located in the heart of Adams Morgan, within minutes of a new Harris Teeter, the U Street and Columbia Heights Metrorail stations and an abundance of restaurants and retailers. Immediate neighbors include the 59-unit Lofts at Adams Morgan, 68-unit Adams Row, and the 8-unit Erie, all highly sought-after condominium projects that have delivered in the past decade. This site is one of the last remaining empty parcels available for purchase in the neighborhood.

FCP extends its appreciation to Andrew McAllister, Bruce Levin and Andrew Stegmaier of MAC Realty Advisors and to Scott Frankel of CBRE.

Over the last 16 months, FCP has been one of the most active investment companies in the Mid-Atlantic region, investing more than $500 million in transactions that ranged from direct investment as a JV partner in a downtown office building, to the purchase of a note of a foreclosed retail center, and the funding through preferred equity and mezzanine capital for a multi-family residential development. FCP has acquired, or funded, close to $1 billion of real estate over the past two years through the company’s co-mingled real estate private equity funds.


About Federal Capital Partners

Federal Capital Partners (FCP) is a Washington, DC based, privately held real estate investment company that has acquired interests in more than $2 billion in assets since 2003. FCP invests in residential and commercial assets throughout the Mid-Atlantic region, including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater region and the Raleigh/Durham area. Over the past two years, FCP has been one of the most active investors in the Washington region, amassing more than $1 billion in real estate assets. FCP’s managing partners are Tom Carr, Esko Korhonen, Alex Marshall and Lacy Rice.

Through its discretionary co-mingled private equity funds, FCP invests directly in core plus, value-add, opportunistic and development properties. In addition, FCP provides both equity and debt capital to real estate operating partners and is aggressively seeking office, residential (for sale and for rent), industrial and retail investments in all of its target markets.