on Hyattsville's west side has been sold to new owners.
apartments were sold to Federal Capital Partners for $14.75 million, according to a press release issued yesterday.
“Ager Road Station is the type of product that fits perfectly with our investment criteria and is exactly what we will continue to pursue – strong occupancy at 98%, excellent access to Metrorail, Metro bus routes and transportation corridors and an opportunity to create value through capital investment and aggressive management,” said FCP Managing Partner, Alex Marshall in the press release. “The Hyattsville submarket as a whole has excellent demand dynamics, with Delta Associates reporting 97% occupancy in Class B apartments for the first quarter of 2012.”
Back in March, as part of a settlement with Maryland's Consumer Protection Division, the former owners of the apartment complex were ordered to pay a total of $500,000 back to bilked customers and agreed to forgive an estimated $300,000 in damages sought in court against tenants for payments not actually owed.
The 19 building, 237 unit apartment complex is located in the most Hispanic census block in Hyattsville.
According to the Maryland Attorney General's office, apartment management allegedly charged potential tenants application fees of up to $1,000, refusing to refund the fee even if an applicant turned down an apartment. They were also accused of seeking payments with fabricated invoices, charging excessive bounced check fees, deducting money from security deposits for nonexistent damages, and trying to collect other frivolous fees.
Failure to pay up often meant a court battle.
The former owners of Ager Road Station were extremely litigious. Over the last 10 years, according to Maryland's Judiciary Case Records, the landlords filed more than 500 lawsuits seeking payment against tenants for various alleged damages. Regulators say they used false evidence, like the fabricated invoices, to support their arguments in court.