Federal Capital Partners (FCP), a Washington, DC-based real estate investment company, has purchased
The Munsey, an 18-story high-rise apartment building in Baltimore's Central Business District at 7 N. Calvert St., for a reported $13.75 million.
"We are actively seeking new investments throughout Baltimore as the fundamentals continue to improve," says Alex Marshall, FCP Managing Partner. "The Munsey fits well with FCP's investment strategy and will be an important part of our portfolio as it is recapitalized and remarketed."
The Munsey is a landmark building that includes 146 apartments and 4,000 sq. ft. of ground floor retail space along with 109 underground parking spaces. The property, located a few blocks north of the Inner Harbor, was constructed in 1911 by newspaper icon Frank Munsey as an office building and was, at the time, the tallest office building in Baltimore.
The building was converted to apartments in 2003 and was an instrumental part of the resurgence of Baltimore's downtown as a live-work-play environment. FCP plans moderate improvements to common areas and amenity space.
The sale was facilitated by the receiver, Gray & Associates, LLC and was brokered by CB Richard Ellis. Wells Fargo provided acquisition financing for FCP.
Source: Federal Captial Partners
Writer: Walaika Haskins