Federal Capital Partners announced today that they have acquired the project that we've known as Ecco Park. Apparently the name of the development has been changed to Takoma Central. Read the press release after the jump.
FEDERAL CAPITAL PARTNERS ANNOUNCES ACQUISITION OF TAKOMA PARK MIXED-USE PROJECT
Chevy Chase, MD -- January 12, 2012 -- Federal Capital Partners (FCP)
today announced a joint venture to develop Takoma Central, a mixed-use
project with 156 rental apartment units and ground floor retail in the
Takoma Park neighborhood of Washington, DC. The JV anticipates a total
project cost of approximately $36 million. Takoma Central is located at
235 - 255 Carroll Street, NW, just 500 feet from the Takoma Metrorail
station and steps from the many shops and restaurants of this historic
urban village.
FCP is developing the project in partnership with Level 2 Development,
LLC, one of Washington, DC's premier multi-family developers and SGA
Companies, the project architect. Phase 1 construction has already begun,
and Phase 2 will begin later this year. Completion is expected in the 4th
quarter of 2013.
The project will feature 8,000 square feet of prime retail space along
Carroll Street, a fitness center, business center, outdoor terrace,
community room, bike storage, and other Class A amenities. Apartments
will feature granite countertops, stainless steel appliances, washer and
dryer, designer lighting packages, ceramic tile bathrooms, and balconies
in select units.
"Takoma Park is a high barrier to entry, metro market with little to no
new apartment supply projected in the near future." said FCP Vice
President of Residential Development, Wade Casstevens, who will oversee
project development. "We believe Takoma Central will enhance the village
environment that distinguishes Takoma Park from other DC metro station
communities." Takoma Central will be one of only two Class A apartment
communities near the Takoma Metro.
"In addition to bringing new residents to this already vibrant community,
the Takoma Central project will create a continuous pedestrian experience
and bridge the gap between the Takoma Metro station and the commercial
district to the east," said Jon Kardon, Senior Development Manager at
Level 2 Development. "We are thrilled to be partnering with Federal
Capital Partners in this exciting development."
MAC Realty Advisors, LLC represented Level 2 Development in the
transaction.
About Federal Capital Partners
Federal Capital Partners (FCP), based in the Washington, DC metropolitan
area, is a privately held real estate investment company that has acquired
interests in more than $3 billion in assets since 2003. FCP invests in
multi-family and commercial assets throughout the Mid-Atlantic region,
including Washington, DC, Baltimore, Philadelphia, the Virginia Tidewater
region and the Raleigh/Durham area and currently manages a portfolio of
approximately $1.8 billion in real estate assets throughout those markets.
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. Over the last two years, FCP has been one of the most
active.
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