FCP pays $86M for three Palm Beach County apartment communities

Portfolio sold for $125K per unit

Oct.October 31, 2019 12:30 PM
 FCP’s Palm Beach County portfolio and Bruce Gago

FCP’s Palm Beach County portfolio and Bruce Gago

FCP paid $85.5 million for three apartment communities in Palm Beach County, amid growing demand for multifamily real estate in South Florida.

The Chevy Chase, Maryland-based commercial investor and developer closed on a 683-unit apartment portfolio on Wednesday for about $125,000 per apartment. The properties include:

  • Costa del Lago, a 218-unit apartment complex at 2508 10th Avenue in Lake Worth. The 197,234-square-foot community was built on a nearly 19-acre lot in 1972. It last sold in 2013 for $13.25 million.
  • Coronado Springs, a 314-unit, 238,988-square-foot apartment community at 555 Kirk Road in Palm Springs. It was built in 1971 on 5.6 acres and last sold in 2014 for $18.11 million.
  • Sedona Village, a 151-unit apartment community at 2500 Springdale Boulevard in Palm Springs. Built in 1985, the 143,139-square-foot, 9-acre development last sold in 2015 for $13.25 million.

Property records show companies tied to Alberto De Alejo of Tampa sold the communities. The buyer assumed an existing Fannie Mae loan as part of the acquisitions, according to a release.

The deal marks FCP’s 11th investment in Florida and its largest investment in the state, according to the release.

It entered the Florida market in 2015, and also owns properties in Orlando, Tampa, Jacksonville and South Florida.

Pinnacle, one of the largest apartment management companies, will manage the communities for FCP, which is short for Federal Capital Partners.

Newmark Knight Frank’s Hampton Beebe, Avery Klann, Tal Frydman, and Jonathan Senn and Tyler Minix represented the seller. Fernando Riboli of NKF worked to secure financing for two of the three properties acquired.

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