FCP Acquires Florida Portfolio for $86M
- Nov 01, 2019
FCP has acquired a portfolio of three apartment communities in Florida’s Palm Beach County for a total of $85.5 million. The seller of the 682-unit portfolio is Avesta Communities, according to Yardi Matrix. Newmark Knight Frank exclusively represented the owner in the sale.
Privately held real estate investment firm FCP assumed an existing Fannie Mae loan as part of the deal. The transaction marks FCP’s largest investment in Florida to date and its 11th investment in the Sunshine State since 2016. Pinnacle, which currently manages more than 2,500 units through Florida for FCP, will manage the newly acquired properties.
The communities include:
- Costa del Lago (218 units) at 2508 10th N. in Lake Worth
- Coronado Springs (314 units) at 555 Kirk Road in Palm Springs
- Sedona Village (151 units) at 2500 Springdale Blvd. in Palm Springs
The properties were built from 1971 to 1985 and currently have occupancy rates ranging from 88 to 94 percent. They are all located in fast-growing submarkets of the South Florida county, with access to job opportunities and shopping options in Boca Raton and downtown West Palm Beach.
Avesta exits trio of assets
Costa del Lago is a seven-building community that Avesta acquired in 2013 for $13.3 million, according to Yardi Matrix. The company snapped up Coronado Springs in 2014 for $18.1 million, and it acquired Sedona Village in 2015 for $13.3 million.
NKF’s Vice Chairmen Hampton Beebe and Avery Klann, Executive Managing Director Tal Frydman, and Directors Jonathan Senn and Tyler Minix represented Avesta. Fernando Riboli of NKF Capital Markets is seeking financing on behalf of FCP for two of the three properties, according to a statement.
FCP, which has invested in or financed more than $6 billion in assets over its history, has been involved in multifamily and commercial developments and acquisitions in South Florida as well as Orlando, Tampa and Jacksonville, Fla. In August, the company acquired Townsend Apartments, a 396-unit community in Jacksonville for $29.1 million.