PALM BEACH, FL - FCP announces the $85.5 million acquisition of three apartment communities in Palm Beach County, Florida totaling 683 apartment units. The communities are: Costa del Lago, a 218-unit apartment community in Lake Worth, FL, Coronado Springs, a 314-unit apartment community in Palm Springs, FL, and Sedona Village, a 151-unit apartment community in Palm Springs, FL.
The acquisition of the three communities marks FCP's largest investment in Florida to date and its 11th investment in the state since 2016.
"All three properties are located in a high-growth submarket of Palm Beach County with excellent access to employment centers and retail amenities in Boca Raton and downtown West Palm Beach," said FCP Vice President, Bruce Gago. "The communities provide renters in the area with quality, affordable housing options—and they represent great additions to our growing portfolio of multifamily properties in Florida."
"FCP was attracted to the investment because of the strong in-place cash flows, high population growth and employment growth in Palm Beach County, and strategic locations of the properties," said Gago.
Pinnacle will manage the properties for FCP. Pinnacle currently manages over 2,500 units for FCP throughout Florida. FCP assumed an existing Fannie Mae loan as part of the transaction.
Vice Chairman Hampton Beebe and Avery Klann, Executive Managing Director Tal Frydman, and Directors Jonathan Senn and Tyler Minix of Newmark Knight Frank Multifamily (NKF) exclusively represented the owner in the sale of the portfolio to FCP. Fernando Riboli of NKF Capital Markets is also actively engaged to secure financing on behalf of FCP for two of the three properties acquired.
"The Palm Beach portfolio was an excellent opportunity to achieve immediate scale in South Florida's hyper-competitive multifamily market. We are very excited for the entire FCP team," said Beebe.
FCP has invested in both development and acquisitions of multifamily and commercial throughout Orlando, Tampa, Jacksonville and South Florida. FCP's investments have been made through direct acquisitions, joint venture partnerships, and preferred equity / mezzanine investments.