TEMPE, AZ - FCP announced the $77.0 million acquisition of Solara at Mill Avenue, a 515-unit apartment community in Tempe, Arizona, through a joint venture with Tides Equities. The acquisition of Solara at Mill Avenue, which is adjacent to the partnership's June acquisition, Tides at South Tempe, marks its second investment in Tempe in three months.
"Solara at Mill Avenue provides FCP with a well-located community that will benefit from our asset management strategies," said FCP Vice President for Acquisitions concentrating on FCP's Western U.S. investments, Bart Hurlbut. Mr. Hurlbut continued, "We anticipate operational efficiencies with Solara being immediately adjacent to our Tides at South Tempe property."
"Tides is thrilled to partner with FCP on our second transaction together in South Tempe," said Sean Kia, Co-Founder and Principal of Tides Equities. "Solara at Mill will give us further efficiencies and economies of scale in that submarket, allowing us to further reduce our expenses across the board."
Solara at Mill Avenue is located close to Superstition Freeway and Interstate 10, proximate to major job centers, downtown Tempe, downtown Phoenix and the Phoenix Sky Harbor International Airport. Residents enjoy convenient access to shopping, restaurants and entertainment areas. The community features one and two-bedroom units with updated kitchens with new cabinets and quartz countertops, wood-style flooring and large windows. Private, fenced-in yards and stainless steel appliances are available in select units. Community amenities include a clubhouse, covered parking, dog park, firepit and event lawn, pool and 24-hour parcel/package concierge.
FCP and Tides Equities extend their appreciation to Matt Pesch at CBRE, who brokered the sale.