December 9, 2016
Federal Capital Partners (FCP) completed the largest Washington, DC-area transaction in 2016 with the $328-milllion sale of five apartment properties, totaling 2,490 units. Quest Management Holdings LLC, an affiliate of Quest Management Group, was the buyer, and CBRE marketed the portfolio on behalf of the seller.
The five-asset portfolio sold consisted of:
- The 760-Unit Cypress Creek, 5603 Cypress Creek Dr., Hyattsville, MD
- The 598-unit Penn Landing, 6311 Pennsylvania Ave., Forestville, MD
- The 466-unit Cambridge Apartments at New Carrollton Station, 5306 85th Ave., New Carrollton, MD
- The 424-unit Summerlyn Place, 14709 Shiloh Court, Laurel, MD
- The 242-unit Toledo Plaza, 3215 Toledo Place, Hyattsville, MD
FCP, headquartered in Bethesda, MD, had completed the business plan for the properties, with plans to acquire more in the region, according to company senior vice president Jason Bonderenko.
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