The Phoenix Apartments
Washington, DC Metro
In January of 2014, FVP acquired The Phoenix Apartments, a 449-unit, mid-rise, apartment rental property located in the Greater Washington, D.C. area (Bladensburg, Maryland). The property was purchased off-market from a joint venture between Angolo Gordon and Federal Capital Partners. At the time of FVP’s acquisition of the property, half of the units were renovated. FVP successfully executed its capital plan to renovate all remaining units and build out 16 additional units (increasing the total unit count of the property to 465 units) including a new dog park, gated community feature, larger gym, and entertainment rooms. FVP worked with the Donaldson Companies and lead the renovation and lease-up to stablizaion. In 2021 FVP sold the asset to an institutional group.
PROPERTY INFORMATION
Location Bladensburg, MD
Address 5802 Annapolis Rd
Property Style High Rise
Description Suburban Multifamily
Property Size 449 units
Acquisition Date Feb-14
Investment Strategy Value Add
Total Capitalization $52,000,000
Disposition Date Aug-21
Disposition Value $72,000,000
