MIAMI, FL - FCP has expanded its Florida portfolio with the $28.5 million acquisition of Summit Palms, a 352-unit garden-style apartment community in central Broward County. In addition, FCP has broadened its relationship with property manager Avesta, retaining the firm to manage Summit Palms.
"FCP is pleased to enter the South Florida market with the acquisition of Summit Palms," said FCP Vice President, Bruce Gago, who manages FCP's Florida office. Gago continued, "Summit Palms represents a compelling investment opportunity for FCP, as it is located in a high density suburban area with strong demand for workforce housing. Additionally, the acquisition is particularly meaningful to me, as it's located in my hometown of Lauderhill."
FCP has made seven investments in Florida in the past 18 months with the company's portfolio now consisting of 1,167 operating multifamily units in addition to 603 financed units under development. The company continues to seek investment opportunities throughout Central and South Florida.
Summit Palms is located near US 441, an important north-south arterial less than five miles from downtown Fort Lauderdale. Residents value the easy commuting throughout Broward County and the Greater Miami area via nearby I-95, I-595 and the Florida Turnpike.
FCP extends its appreciation to Berkadia for brokering the transaction.
FCP is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties.