FCP makes largest Florida acquisition

FCP has acquired three apartments in Palm Beach County, Florida, totaling 683 apartment units for $85.5 million.

The assets include Costa del Lago, a 218-unit apartment community in Lake Worth; Coronado Springs, a 314-unit apartment community in Palm Springs; and Sedona Village, a 151-unit apartment community in Palm Springs.

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 Bruce Gago, FCP vice president. “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.”