CHEVY CHASE, Md., Jan. 6, 2016 /PRNewswire/ -- Federal Capital Partners® (FCP) and Insight Property Group (Insight) announce the $21 million acquisition of the Buchanan School property at 1325 D Street, SE in the Capitol Hill submarket of Washington, DC. The property will be re-developed in three phases that will include as many as 41 row houses and 41 condominiums. The venture partners, upon their acquisition of the property, sold the condominium parcel to Ditto Residential (Ditto), a local developer with a reputation for designing architecturally significant residential spaces. Throughout 2015, FCP and Insight held a series of community meetings to refine the plans for the property and to complete the entitlement process, receiving Board of Zoning Adjustment (BZA) approval in July of 2015. High Res Images Available Upon Request.
This new residential community will be called Buchanan Park. Ditto plans to begin the re-development of the condominium units that will be located in the former Buchanan School building in 2016. Also in 2016, FCP and Insight plan to move forward with construction on the initial phase of the three and four bedroom row houses.
FCP Associate, Stephen Stover, commented, "FCP is very pleased to be moving forward with Insight Property Group on Buchanan Park and welcomes Ditto Residential to the team that will fulfill the vision for this important redevelopment. We are thrilled with the quality and integrity of the plans for this development and extend our appreciation to the local community as well as to the DC government and its agencies for the constructive feedback and collaboration on this project."
Insight Property Group Partner, Sarah Davidson, said, "Insight and FCP are committed to a best-in-class redevelopment of a unique piece of land on Capitol Hill. Our vision for this new residential community is to create a wonderful place that compliments the enduring nature of the buildings and the neighborhood that surrounds it. Combining old and new, the design of the public spaces throughout Buchanan Park enhances strong connections to the immediate community. We look forward to combining our vision and talents with Ditto Residential to make Buchanan Park an exceptional place to live on Capitol Hill."
"The opportunity to bring together three top development firms to create a truly significant residential community was too good to pass up," said Martin Ditto, President of Ditto Residential. "Historic renovations are popular and being in a converted school building is even better. We look forward to delivering the finest condominium homes on Capitol Hill."
FCP and Insight extend their appreciation to Doug Davidson of Citizens Bank for acquisition and pre-development financing, John Campanella of Cushman & Wakefield for debt placement and Jayne Shister of Cushman & Wakefield for her representation of the seller, International Graduate University.
About Insight Property Group
Founded by longtime multifamily industry veterans Richard Hausler and Michael Blum, Insight Property Group acquires, repositions, and develops well-located apartments and mixed-use real estate in the Washington, D.C. metropolitan region. The principals have over 70 years of experience in the area real estate industry. For more information, visit: www.insightpropertygroupllc.com.
About Ditto Residential
Based in Washington, DC, Ditto Residential is a leading real estate development firm focused on high quality, design-driven development. Started in 2008, the value of the company's current pipeline is $130 million, which includes 250,000 square feet and 187 units of new development in some of the city's most dynamic neighborhoods. More information can be found by visiting the company's website: www.dittodc.com
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.
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SOURCE Federal Capital Partners