Federal Capital Partners Acquires 324-Unit Apartment Community In Tampa

News provided by

Mar 24, 2016, 09:00 ET

CHEVY CHASE, Md., March 24, 2016 /PRNewswire/ -- Federal Capital Partners^® (FCP) has announced the $22.4 million acquisition of Belara Lakes Apartments at 8402 North Waterford Avenue in Tampa, FL. The 324-unit community is centrally located between the popular North Dale Mabry Highway retail corridor and I-275, with immediate access to the Westshore Business District, Tampa International Airport, International Mall and Raymond James Stadium. The Belara Lakes acquisition is FCP's second investment in Florida in the last 90 days.

"FCP is excited to make its first equity investment in a multifamily acquisition in Florida with the purchase of Belara Lakes," said FCP Vice President, Jason Ward. "The acquisition of this well-located Tampa community is consistent with FCP's strategy of investing in quality multifamily communities that appeal to a broad range of residents."

Belara Lakes offers some of the largest floor plans in the area, including hard-to-find three bedroom plans, along with two swimming pools, a community lake, a fitness center, picnic area and playground. FCP has retained local firm Avesta to manage the community.

FCP extends its appreciation to Nick Meoli of the Meoli-Donaldson team at Marcus & Millichap for his representation of the seller.

About Federal Capital Partners
Federal Capital Partners (FCP) is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com.