FCP acquired the 427-unit District West Gables from Waterton Associates. This marks FCP’s third investment in South Florida within the past nine months. FCP plans to implement a value-enhancement program focused on modernizing common areas and amenities while renovating unit interiors. The company has engaged Greystar as property manager.
Hampton Beebe of Newmark represented the seller in the deal, while Matt Williams, Daniel Matz, and Rob Wright of Newmark represented the buyer.
The S. Florida Business Journal reports FCP paid $111 million for the rental community. The two seven-story buildings sold for $116 million in 2017.
District West Gables has two pools, a movie room, two fitness centers, and two lounges. Units range from 550 to 1,250 square feet.
The post FCP Adds 3rd Rental Asset to S. Florida Portfolio appeared first on Connect CRE.
​Â