Since acquiring the property in 2006, the Sellers had completed an extensive capital improvement program totaling more than $9 Million over the past few years. This included major capital items such as new roofs and windows as well as an extensive interior renovation to approximately half the apartment units. The new owner plans to complete the interior renovation of the remaining units.
Beginning this past spring, the Ideal Realty Group team conducted an extensive marketing process which resulted in numerous offers and several top buyers in competition for the asset. Although there were multiple offers that satisfied the sellers pricing requirement, in the end Harbor Group was able to solidify the deal through their ability to provide short due diligence terms and close the transaction in approximately 30 days from contract.
Ideal Realty Group President Allen Manesh, on behalf of the entire IRG team, would like to thank both FCP and their partners Angelo Gordon & Co. and their entire staff as well as the purchaser, Harbor Group for their focus and speedy action before, during and after the due diligence phase in order to bring this transaction to a smooth closing.
ABOUT THE SELLERS
Federal Capital Partners (FCP), based in Washington, DC is one of the Mid-Atlantic region’s leading real estate investment and development companies. Today, FCP owns and operates a $1.5 billion portfolio of multi-family, office, industrial and retail properties in the greater Washington, DC area.
Angelo, Gordon & Co., based in New York, NY is a privately-held registered investment advisor dedicated to alternative investing. Angelo, Gordon began investing in commercial real estate in 1993 and has acquired over $11 billion of properties. The firm focuses on a value-added approach through the acquisition of sub-performing real estate properties.
ABOUT THE BUYER
Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued in excess of $2.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York, Chicago, London, Toronto and Tel Aviv. The company’s real estate holdings include over 9.6 million square feet of commercial space and more than 15,000 apartment units. For additional information, please visit www.harborgroupint.com.
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