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DeBartolo and Encore completed the property in April 2019 and had been moving quickly through the lease-up phase of the property located at 7995 Haven Way in Kissimmee.
Halstatt Real Estate Partners of Naples, FL is working with Development Ventures Group and InTown Group to build the 23-story tower, which will include 188-units for a total of 537 beds.
The team, led by David Beshears, brings a 25-year track record and will focus on a wide variety of property types, primarily in Florida and the Southeast.
The acquisition marks FCP's 12th Florida investment, including previous multifamily, commercial and mezzanine acquisitions in Orlando, Tampa, Jacksonville and Southeast Florida.
B/K Multifamily Services will be integrated into Roscoe Property Management, and the integration of B/K's core portfolio is a big step in growing the RPM platform, says RPM founder Jason Berkowitz.
"There is zero incentive for NY multifamily investors to purchase a building and spend money on renovations if they can't raise rents in these rent-controlled environments."