Source: FCP / Avanti Residential
PHOENIX, AZ - FCP and joint venture partner Avanti Residential announced the $65 million acquisition of Omnia on Thomas, a 382-unit garden apartment community at 1645 E. Thomas Road in Phoenix, AZ. Omnia on Thomas represents FCP's third multifamily investment in Phoenix and the second time partnering with Avanti after an initial joint venture in Colorado earlier this year.
"FCP is excited to expand our successful partnership with Avanti at Omnia on Thomas," said FCP's Bart Hurlbut. "Together, we will continue to invest in the property to improve the resident experience and the asset's market position."
"We are pleased to partner with FCP on this project and leverage our knowledge of the property and the local submarket," said Christian Garner, CEO at Avanti Residential. "We view this as a unique opportunity to infuse new capital into the project and further enhance the resident experience at Omnia on Thomas."
Capital One arranged Freddie Mac financing for the acquisition. "In continuing our relationship with FCP, we look forward to supporting this team as they focus on expanding their multifamily footprint in the Western U.S.," said Jonathan Pratt, Senior Vice President of Agency Finance.
Omnia on Thomas features studio, one- and two-bedroom apartments featuring high ceilings, hardwood-style flooring, and large closets in a community with four swimming pools, a renovated fitness center, and a shady courtyard. The property is conveniently located adjacent to Phoenix Children's Hospital, minutes to Sky Harbor Airport, the Biltmore Camelback Corridor, and Old Town Scottsdale with abundant local dining and shopping options.