ORLANDO, FL—Real estate investment firm FCP of Chevy Chase, MD continues to be very active in the Mid-Atlantic and Southeast multifamily markets. The firm’s latest deal—the $23.6-million purchase of the Royal Isles garden apartment community here—increases its Florida multifamily portfolio to eight communities.
Royal Isles contains 264-units and is located at 803 Don Quixote Ave. and features one-, two- and three-bedroom units, according to VP for FCP Bruce Gago.
“Royal Isles is ideally situated in a central, infill location, near key transportation corridors, South Semoran Boulevard and SR 408/East-West Expressway,as well as employment generating locations including Orlando International Airport, downtown Orlando, Lake Nona Medical City, University of Central Florida, Central Florida Research Park, Valencia College and Full Sail University,” Gago notes.
The purchase of Royal Isles brings FCP’s multifamily portfolio in Florida to more than 2,000 units. Evan Kristol and Felipe Echarte of The Kristol Group of Marcus & Millichap represented the seller in the transaction. Berkadia and Fannie Mae facilitated the assumption of the existing mortgage on the property.
FCP also reports the $24.5-million sale of the 170-unit River Pointe Apartments in Fort Washington, MD to Aulder Capital.
Last month, FCP announced the sale of 11 multifamily properties totaling 1,731 units, representing the largest group in its “Apartments of St. Charles” portfolio, for $302 million to an affiliate of Strata Equity Group. The properties are located in St. Charles, MD. The transaction represented Strata Equity Group’s first investment into the Mid-Atlantic region.
FCP acquired the portfolio in December 2009 as part of its American Community Properties Trust acquisition for $43.6 million plus the assumption of debt. FCP subsequently privatized APO. The initial APO purchase included 3,200 multifamily units, 230,000 square feet of office space and more than 4,500 acres of land entitled for more than 11,000 residential units and 5 million square feet of commercial development. Most of the assets were located in St. Charles, MD and Puerto Rico.
In March, FCP announced two significant deals in the Southeast. In the waning days of the month, FCP reported it had purchased the Reserve at Providence, a 574-unit, garden and townhome- style apartment community in Charlotte, NC. Earlier in the month FCP expanded its Florida portfolio with the $28.5-million acquisition of Summit Palms, a 352-unit garden- style apartment community in central Broward County.