FCP Expands Florida Portfolio

Situated in the Lauderhill submarket, Summit Palms features one- to three-bedroom units across four buildings. Avesta currently manages the asset.

Summit Palms
Summit Palms

Federal Capital Partners has bought Summit Palms, a 352-unit garden-style community in Broward County, Fla., for $28.5 million.

Situated in the Lauderhill submarket, the property features one-, two- and three-bedroom apartments in four four-story buildings with a total of 413,588 rentable square feet. Located at 4491 N.W. 19th St. in Lauderhill, Fla., the property is currently managed by Avesta. U.S. Route 441, State Road 911 as well as interstate 95 and 595 are all easily accessible from the property.

Common-area amenities include:

  • business center
  • playground
  • swimming pool
  • four laundry services
  • 710 parking spaces

Last year, the company made several investments in Florida and its portfolio currently consists of more than 1,000 multifamily units.

“Summit Palms represents a compelling investment opportunity for FCP, as it is in a high-density suburban area with strong demand for workforce housing,” said Bruce Gago, vice president of FCP’s Florida office, in a prepared statement.

Image courtesy of Yardi Matrix