FCP JV Acquires Dallas-Area Asset
The buyers had been eyeing the property for several years.
A joint venture between SPI Advisory and FCP has acquired Crest Manor, a 600-unit apartment community located in Lewisville, Texas, a submarket of Dallas. The property was sold in an off-market transaction. The sale price was not disclosed.
The joint venture has had its eyes on the 559,885 square foot community for the last five years, with the partnership discussing the acquisition of the property with the original owner and developer over that time. The deal was made through the assumption of long-term HUD financing and a blended interest rate of 3.6 percent and over 30 years of terms remaining. Yardi Research Data shows the financing notes totaled $36.7 million and $32 million from 2020 and 2022, respectively. Gershman Mortgage originated both loans.
Crest Manor was built in two phases, with phase one coming online in 2010 and phase two completed in 2016. With this acquisition, the joint venture is looking to modernize the community and make enhancements to reflect what newer communities in the market have.
Crest Manor’s apartments range from one to three-bedrooms in size with an average unit size of 933 square feet according to Yardi Research Data. The same source shows that the community has an average rent price of $1,385 per month. On-site amenities include two swimming pools, tennis courts, a fitness center, clubhouse, walking trails, a playground and laundry facilities.
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Located at 940 West Round Grove Road in Lewisville, Texas, the property is 25 miles outside of Downtown Dallas.
Earlier this year, FCP also expanded its property holdings in South Florida. The company partnered with BMC Investments and The RMR Group to buy ARIUM Sunrise, a 400-unit community in Sunrise, Fla. The joint venture bought the property for $90 million.
Dallas transactions continue, construction remains slow
According to Yardi Research Data, the construction pipeline in Dallas has remained slow. In the beginning of 2025, no units came online within the first month, but 56,575 were under construction, the data shows. Last month, a partnership between Toll Brothers Apartment Living with Pondmoon Capital USA opened Mirra, 285-unit luxury community.
Still, many heavy hitters have been active on the investment front. Other recent transactions within the market include RPM’s purchase of Resia Dallas West from its eponymous previous owner. The 336-unit community came online last year and has been rebranded as Remi West Dallas. AEW also recently purchased in the area, buying The Casey, a 300-unit luxury community situated within Frisco Station, a larger $1.8 billion, 242-acre mixed-use development in Frisco, Texas. The Casey opened early in 2024.
