FCP has significantly expanded its Florida real estate portfolio with the acquisition of ARIUM Sunrise, a 400-unit multifamily community located in Sunrise, Florida. This strategic move, undertaken in collaboration with BMC Investments and The RMR Group, underscores FCP’s dedication to investing in rapidly growing markets and enhancing well-positioned properties.
Key Takeaways
- FCP, in partnership with BMC Investments and The RMR Group, has acquired the 400-unit ARIUM Sunrise apartment complex in Sunrise, Florida.
- The acquisition reinforces FCP’s commitment to high-growth Florida markets, particularly Broward County.
- Plans include upgrading a portion of the units to meet evolving resident expectations.
- The property is strategically located near major retail and entertainment venues.
Strategic Expansion in a Growing Market
Bruce Gago, Senior Vice President at FCP and head of the company’s Florida investments, highlighted Broward County as one of Florida’s fastest-growing regions. "We believe Broward County remains one of Florida’s fastest-growing regions, and our recent investments highlight our commitment to securing well-positioned assets in this key market," Gago stated. He also expressed enthusiasm for continuing the partnership with BMC and initiating collaboration with RMR to improve the ARIUM Sunrise Apartments and ensure a high-quality living experience for residents.
Property Highlights and Future Plans
Built in 1998, ARIUM Sunrise Apartments currently boasts a strong 94% occupancy rate. The community offers a range of amenities, including a swimming pool, clubhouse, and fitness center. FCP and its partners intend to renovate approximately 8% of the units that are still in their original condition, aiming to align the property with current resident preferences.
The property’s location offers convenient access to popular local attractions such as Sawgrass Mills Mall and Amerant Bank Arena, providing residents with ample opportunities for shopping, dining, and entertainment.
Financial and Brokerage Support
Wells Fargo provided the financing for this acquisition. The transaction was facilitated by Robert Given and Zachary Sackley of CBRE, who represented the seller, and Charles Crapse and Denny St. Romain of CBRE, who were instrumental in sourcing the acquisition loan.
Gago further commented on FCP’s market activity, stating, "We believe FCP’s ability to close deals like ARIUM Sunrise in today’s market speaks to our depth of conviction and broad strategic partnerships. We’re not just active—we’re growing, and we’re ready to deploy more capital into the right opportunities."
About the Partners
FCP is a real estate investment company founded in 1999, with a history of investing in or financing over $13.1 billion in assets. BMC Investments is a vertically integrated real estate investment firm focused on generating long-term value and strong risk-adjusted returns across various property types in the U.S. The RMR Group is a leading alternative asset management company specializing in commercial real estate, managing over $40 billion in assets with more than 35 years of institutional experience. RMR Residential, a division of The RMR Group, operates ARIUM, a multifamily platform with approximately 20,000 units across the U.S. Sunbelt.