FCP Expands Footprint with District West Gables Acquisition

FCP Acquires District West Gables Apartments

FCP has recently made a strategic move by acquiring District West Gables, a significant 427-unit midrise apartment community. This acquisition is notable as it represents FCP's third investment within the Miami area in a short span, highlighting the company’s commitment to capitalizing on one of the most active rental markets in the United States.

Significance of the Acquisition

District West Gables is not just another property; it is a high-quality core-plus asset situated in a prime location. Bruce Gago, Senior Vice President at FCP, stated that operating successfully in today's challenging environment takes both conviction and financial resources. He emphasized how Miami-Dade County and specifically West Miami, benefit from substantial demographic and economic trends that align with FCP's investment strategy.

Future Development Plans

FCP is poised to initiate a value-enhancement strategy aimed at modernizing common areas and upgrading unit interiors. This strategic plan includes renovations and a collaborative effort with Greystar, a leading property management firm, to ensure optimal operational performance and leasing outcomes.

Location Advantages

The location of District West Gables is advantageous for residents, offering access to key employment centers, including esteemed institutions such as the University of Miami and Florida International University, as well as proximity to important transportation hubs like Miami International Airport. Additionally, the vibrant downtown Coral Gables and the Miracle Mile retail corridor are just a few miles away, enriching the living experience for future residents.

Property Overview

This modern development was constructed in two phases, with buildings completed in 2015 and 2017. It features a diverse range of living spaces, from studios to three-bedroom units, housed within stylish mid-rise structures that include structured parking. The amenities are robust, offering resort-style pools, dual fitness centers, electric vehicle (EV) charging stations, a movie theater, and elegantly designed resident lounges.

Market Positioning

The acquisition of District West Gables reinforces FCP’s ability to identify valuable investment opportunities even amid fluctuating market conditions. This strategic investment not only enhances FCP’s portfolio but also consolidates its position within the Florida market, where the company is continuously looking to explore prospects across various investment levels.

Collaboration with Newmark

FCP expresses gratitude to Newmark's Hampton Beebe for representing the seller and to the team of Matt Williams, Daniel Matz, and Rob Wright of Newmark for securing financing for this significant transaction.

About FCP

FCP is a privately held real estate investment company with a strong track record of investing in or financing over $14.6 billion in gross asset value since its establishment in 1999. The firm is actively engaged in both direct investments and partnerships focusing on commercial and residential projects throughout the major real estate markets in the United States. Headquartered in Chevy Chase, MD, FCP focuses on income-producing and developmental properties through its discretionary funds and separate accounts.

Frequently Asked Questions

What is District West Gables?

District West Gables is a 427-unit midrise apartment community recently acquired by FCP, located in a prime area of Miami.

Why did FCP choose to invest in West Miami?

FCP recognized significant demographic trends and employment opportunities in West Miami, which align with their long-term investment strategy.

What renovations are planned for District West Gables?

FCP plans to modernize common areas and upgrade unit interiors to enhance resident experiences.

Who is managing District West Gables?

Greystar has been appointed as the property manager to oversee day-to-day operations and improve leasing performance.

What amenities does District West Gables offer?

The property features two resort-style pools, fitness centers, EV charging stations, and a movie theater among other amenities.

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