Source: FCP / #Apartments #Multifamily
ORLANDO, FL - FCP announces the $23.6 million acquisition of Royal Isles, a 264-unit, garden apartment community in Orlando, FL. Royal Isles represents FCP's 8th investment in Florida and brings the company's total investment in the state to more than 2,000 apartments.
"Royal Isles is ideally situated in a central, infill location, near key transportation corridors, South Semoran Boulevard and SR 408/East-West Expressway as well as employment generating locations including Orlando International Airport, downtown Orlando, Lake Nona Medical City, University of Central Florida, Central Florida Research Park, Valencia Collegeand Full Sail University," said FCP Vice President, Bruce Gago.
Royal Isles residents enjoy a 24/7 fitness center, swimming pool and sundeck, playground, a picnic area with grills and an on-site laundry center. Royal Isles features one, two and three- bedroom apartments in a lush, green community.
FCP extends its appreciation to Evan Kristol and Felipe Echarte of The Kristol Group of Marcus & Millichap for their representation of the seller in the transaction and to Berkadia and Fannie Mae for facilitating the assumption of the existing mortgage.
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.