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JV Snags Maryland Apartment Community for $38M
A joint venture between July Residential and Firm Capital Apartment REIT has acquired North Pointe, a 234-unit apartment community in Hyattsville, MD. The sales price was $37.5 million. The seller, FCP, acquired the community in 2012 for $14.8 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, the Hyattsville area has undergone significant growth with a number of new mixed-use and shopping projects delivering around the Metro station.
“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 Scott Reibstein, associate at FCP. “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.”
Brian Margerum of the CBRE Mid-Atlantic Multifamily Investment Sales team represented FCP in the transaction.
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
