FCP Acquires $85M-Plus Multifamily Portfolio
The three apartment communities comprise 683 units in Palm Beach County, Florida.
PALM BEACH, FL – FCP has acquired three apartment communities in Palm Beach County, Florida in a $85.5 million transaction.
The portfolio, totaling 683 apartment units, consists of the 218-unit Costa del Lago in Lake Worth, FL, the 314-unit Coronado Springs in Palm Springs, FL and the 151-unit Sedona Village in Palm Springs, FL.
FCP intends to leverage the location of the properties, acknowledging the Palm Beach County’s employment growth and high population growth.
The transaction serves as FCP’s largest investment in Florida to date, and additionally marks its 11th investment within the state, since 2016.
FCP utilized an existing Fannie Mae loan for part of the transaction. Pinnacle will manage the newly acquired properties on behalf of FCP. Pinnacle currently manages more than 2,500 units throughout Florida for FCP.
The Newmark Knight Frank team of vice chairman Hampton Beebe, vice chairman Avery Klann, executive managing director Tal Frydman, and directors Jonathan Senn and Tyler Minix exclusively represented the owner in the portfolio disposition to FCP. Newmark Knight Frank Capital Markets’ Fernando Riboli assisted in securing financing on behalf of FCP, for two of the three acquired properties.
FCP, founded in 1999, is a privately-held real estate investment company. The firm has invested in or financed more than $6 billion in assets.