FCP Adds to Florida Portfolio with Kissimmee Apartment Buy
The acquisition marks FCP’s 12th Florida investment, including previous multifamily, commercial and mezzanine acquisitions in Orlando, Tampa, Jacksonville and Southeast Florida.
KISSIMMEE, FL—FCP has acquired the 208-unit Park at Sorrento multifamily complex here for $25.3 million. The Chevy Chase, MD-based privately-held real estate investment firm, reports it plans to rebrand the property as the Mirador at Woodside.
The acquisition marks FCP’s 12th Florida investment, including previous multifamily, commercial and mezzanine acquisitions in Orlando, Tampa, Jacksonville and Southeast Florida.
“Park at Sorrento is a well-located workforce housing community in the Orlando metro, one of the highest growth markets in the country,” says FCP Associate, Drew Schwartz. He notes that Park at Sorrento is located within 30 minutes of eight of the top 10 employers in the region.
Kissimmee is a suburb of Orlando, where major employers include Walt Disney World, Universal Orlando, Seaworld, Darden Restaurants, Westgate Resorts and Lockheed Martin. The community features access to four major hospitals, the 500-acre “NeoCity” technology district and an abundance of retail and entertainment amenities.
Shelton Granade, Luke Wickham, Justin Basquill and the CBRE Florida Multifamily Group represented the seller in the deal. Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop facilitated the assumption of the existing Fannie Mae mortgage for FCP.
The deal in Kissimmee follows up FCP’s purchase last week of three apartment communities in Palm Beach County in a $85.5-million transaction. The portfolio, totaling 683 apartment units, consisted of the 218-unit Costa del Lago in Lake Worth, FL, the 314-unit Coronado Springs in Palm Springs and the 151-unit Sedona Village in Palm Springs.