crefeed.com | Joint venture acquires Silver Spring, Md., apartments for $46.5M

9/13/2007

Joint venture acquires Silver Spring, Md., apartments for $46.5M

13803 Castle Blvd.

A joint venture between Washington, D.C.-based Federal Capital Partners and New York-based Angelo Gordon & Co. has acquired the Castlegate Apartment complex in Silver Spring, Md., for $46.5 million.

William Roohan and Michael Muldowney of CB Richard Ellis represented the seller, Fairfield Country Club LLC, while the joint venture handled the negotiations in-house.

The 239,072 square foot complex contains 374 units and is located at 13803 Castle Blvd. The Castlegate property is adjacent to 59 town home lots and the Ashford at Woodlake Apartments, a 534-unit complex. Both properties are also owned by the Federal Capital-Angelo joint venture.

Angelo Gordon is a privately held investment advisor specializing in alternative investing.

Federal Capital Partners is a real estate investment and development company.

Los Angeles-based CB Richard Ellis is a commercial real estate brokerage firm.

Address: 13803 Castle Blvd., Silver Spring, Md.

Size: 239,072

Filed Under: Multi-Family

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