A joint venture between July Residential and Firm Capital Apartment REIT has acquired North Pointe, a 234-unit, garden-style community in Hyattsville, Md., just northeast of D.C., from FCP for $37.5 million.
“FCP successfully completed our business plan of curing deferred maintenance, improving management, and upgrading common areas, while maintaining and preserving workforce housing in the Washington, D.C., metro area,” Scott Reibstein, an associate with FCP, told Commercial Observer. “Many of the attributes that we liked about the deal when we acquired it still hold true today—proximity to Metro, job centers—both in Prince Georges County and D.C.—and retail amenities.”
FCP originally acquired North Pointe in May 2012 for $14.75 million.
Located at 5735 29th Avenue, across from the West Hyattsville Metro Station, the 19-building apartment community features large green spaces and offers convenient access to nearby universities, shopping, restaurants and retailers.
Over the past eight years, FCP data shows Hyattsville has seen tremendous growth with a number of new mixed-use and shopping projects delivering around the Metro station.
According to Reibstein, FCP wants to invest more in D.C.-area properties because the region continues to demonstrate resilience and job growth, along with an increased need for workforce housing
“North Pointe provided much needed workforce housing in a rapidly growing submarket fueled by newly constructed luxury apartments,” he said. “We continue to seek opportunities that fit this profile today.”
Gates Hudson served as property manager under the old owner.
Brian Margerum, senior vice president at CBRE, represented the seller in the transaction.