FCP JV Acquires in South Florida
The community sold for $90 million.
FCP, a Chevy Chase, Md.,-based real estate investment company, is expanding its presence in Florida with the acquisition of ARIUM Sunrise, a 400-unit community in Sunrise, Fla. The company made the purchase with partners BMC Investments and The RMR Group.
The property sold for $90 million, or $225,000 per unit, according to Yardi Matrix data. The RMR Group had owned the community since its acquisition of CARROLL in August 2023. CARROLL had purchased the Broward County property in January 2019 from LACERA for $86.7 million, or $216,750 per unit, according to the same source.
Wells Fargo provided a $74 million loan for the latest transaction.
Built in 1998, the 22-acre property features 16 two- and three-story buildings. Located at 1501 NW 124th Terrace, ARIUM Sunrise has 94 percent occupancy. FCP and its partners plan to upgrade approximately 8 percent, or 32 units, that remain in original condition.
The property has a mix of one-, two- and three-story floorplans ranging from 846 to 1,332 square feet. Homes are an average size of 1,100 square feet. The community features 140 one-bedroom units, 140 two-bedroom apartments and 80 units with three bedrooms. Rents average $2,503, according to Yardi Matrix data.
All units features washers and dryers. Community amenities include a fitness center, two swimming pools, a clubhouse, a media room, a playground, a basketball court and a tennis/pickleball court. The controlled access property has a total of 546 parking spaces with detached garages available for an additional fee.
The property is situated near local attractions including Sawgrass Mills Mall and Amerant Bank Arena, providing convenient access to shopping, dining and entertainment options.
Robert Given and Zachary Sackley of CBRE represented the seller. Charles Crapse and Denny St. Romain of CBRE sourced the acquisition loan.
Florida expansion
Founded in 1999, FCP has invested in or financed more than $13.1 billion in assets. The firm invests directly and with operating partners in residential and commercial assets.
The acquisition of ARIUM Sunrise continues FCP’s expansion in Florida, particularly in Broward County. FCP officials believe Broward County is one of Florida’s fastest-growing regions and plan to continue acquiring well-positioned assets in the market.
In December, FCP purchased Alexan Miramar Apartments, a newly constructed 250-unit multifamily community in Miramar, Fla., in Broward County. FCP also purchased Avana Cypress Creek Apartments, a nine-building 220-unit luxury apartment community in North Lauderdale, Fla., in July 2023, from Eaton Vance Investment Managers.
The company has also made other multifamily investments throughout Florida. More recently, FCP closed on a $16.7 million preferred equity investment through its Structured Investments platform to finance Royal Palm at Nona, a 320-unit Class A multifamily development adjacent to Lake Nona in Orlando, Fla. The project is being developed by Royal Palm Cos.
Earlier partnerships
FCP has worked with BMC Investments in the past. In July 2022, FCP acquired Aurora Meadows, a 461-unit community in Aurora, Colo., through a $114 million joint venture recapitalization with BMC Investments. The property has a mix of studio, one- and two-bedroom apartments. It is located near a light rail station and also has access to Denver via Interstate 225.
Several months earlier, the FCP had made its first equity multifamily acquisition in the Denver market with the joint venture recapitalization of Ivy Crossing, a 1,023-unit apartment community in Denver. The 36-acre property has 57 buildings with studio, one-, two- and three-bedroom floorplans. It is also near two light rail stations.
