Monday, December 12, 2011
New Boston Fund Sells Montpelier Crossing in Laurel, MD
Federal Capital Partners purchases 358,690-square-foot apartment and townhome complex
Arlington, Va. - (December 12, 2011) - New Boston Fund, Inc., a private equity real estate investment, development and management firm, announced today the sale of Montpelier Crossing to Federal Capital Partners, a privately held real estate investment company based in Washington, D.C.
Located at 9689 Muirkirk Road in Laurel, Md., Montpelier Crossing is a 358,690-square-foot apartment and townhome complex that sits on 17.53 acres of land. The property is comprised of 386 units across 13 buildings, and is 93 percent occupied.
Montpelier Crossing is a tremendous asset with high occupancy levels and a central location, said Patrick Shooltz, Senior Vice President and Regional Director, New Boston Fund. The timing of this sale was perfectly aligned with our goal to strategically sell assets while continuing to provide the highest possible risk-adjusted returns to our investors.
Conveniently located halfway between Baltimore and Washington, D.C., Montpelier Crossing is right off the Baltimore-Washington Parkway, a short drive from I-95 and U.S. Route 1, and minutes from the center of Laurel, Md.
New Boston acquired the property in November 2005 as a New Boston Fund VI investment. During its six-year ownership, the property saw positive rent growth and maintained high occupancy.
Bill Roohan, Vice Chairman, and Mike Rudolph, Senior Vice President, of CB Richard Ellis represented both New Boston and Federal Capital Partners in the transaction.
New Boston remains committed to investing in its three target regions: the Northeast, Southeast and Mid-Atlantic. Most recently, New Boston acquired Stevens Forest Green, an 84,300-square-foot Class A office building located in the Baltimore-Washington corridor.
New Boston does not disclose sale prices for its transactions.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns. www.newbostonfund.com
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