Maryland-based Federal Capital Partners (FCP) acquired a 264-unit apartment complex in Orlando for $23.6 million.
It was FCP’s eighth investment in rental housing in Florida, increasing its statewide portfolio to more than 2,000 apartments.
The firm paid about $89,400 per unit for the Royal Isles apartment complex at 803 Don Quixote Avenue in Orlando.
Royal Isles has apartments with one to three bedrooms. Its common-area amenities include a gym, swimming pool and sundeck, plus an on-site laundry center, a playground and a picnic area with grills.
According to FCP, Evan Kristol and Felipe Echarte of brokerage firm Marcus & Millichap represented the seller of Royal Isles in the transaction.
Berkadia and Fannie Mae facilitated FCP’s assumption of an existing mortgage loan on the property.
Based in Chevy Chase, Maryland, FCP is a privately held real estate investment company that has financed or invested in more than $6 billion in assets since its startup in 1999. – Mike Seemuth