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FCP Closes on 386-Unit Hunters Pointe Apts.

Maryland Outfit Pays $22 Million for Fourth Charlotte Investment
October 17, 2017
Federal Capital Partners (FCP), a Chevy Chase, MD-based real estate investment company that owns and manages more than $2.3 billion of assets, picked up its fourth investment in Charlotte with the purchase of Hunters Pointe Apts. for $22.2 million, or approximately $58,000 per unit.

The 386-unit community is located just off I-85 at 1841 Prospect Dr. in north Charlotte's Hidden Valley Multifamily submarket. Completed in 1972, Hunters Pointe is comprised of 115 one-, 152 two- and 119 three-bedroom units in 65 garden-style buildings.

FCP will carry out a $2 million value-add initiative at Hunters Pointe that will include the addition of a pool, playground, dog park and grilling stations. The company will also upgrade the community’s entrance, leasing office, building facades, landscaping and green spaces.

"With the extension of the CATS Light Rail Blue Line, and the proximity to major transportation corridors, the University Area and Uptown Charlotte job centers, we believe Hunters Pointe will be a highly attractive option for wage earners in the area," said Alex Cathcart, a senior associate with FCP.

Desiree Rogers, Brian Ford, Andrew Klenk, Alex McDermott and Ron Corrao of Capstone Apartment Partners handled negotiations on behalf of the seller, Asia Capital Real Estate.

Please see CoStar Comp #4031502 for more information on this transaction.
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