FCP, a prominent real estate investment firm, has significantly expanded its presence in Florida by acquiring the 400-unit multifamily community, ARIUM Sunrise, located in Sunrise, FL. This strategic acquisition was made in collaboration with BMC Investments and The RMR Group, underscoring FCP’s dedication to high-growth markets.
FCP Strengthens Florida Portfolio
FCP’s latest acquisition of ARIUM Sunrise marks a significant step in its ongoing expansion within the Florida real estate market. The 400-unit community is situated in Sunrise, FL, a region identified by FCP as a key growth area. This move reinforces the company’s strategy of investing in well-located assets with strong potential for value creation.
Key Takeaways
- FCP has acquired the 400-unit ARIUM Sunrise multifamily community in Florida.
- The acquisition was a partnership with BMC Investments and The RMR Group.
- ARIUM Sunrise boasts a 94% occupancy rate and is located near popular attractions.
- Plans include upgrades to approximately 8% of the units.
- Wells Fargo provided financing for the transaction.
Strategic Partnership and Future Plans
Bruce Gago, Senior Vice President at FCP, expressed enthusiasm for the partnership, stating, "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." FCP, along with its partners BMC Investments and The RMR Group, intends to enhance the ARIUM Sunrise community, aiming to provide residents with a superior living experience. Plans are in place to upgrade roughly 32 units that are still in their original condition.
About the Property and Its Location
Built in 1998, ARIUM Sunrise Apartments currently enjoys a high occupancy rate of 94%. The community offers a range of amenities, including a swimming pool, clubhouse, and fitness center. Its strategic location provides residents with convenient access to major local attractions such as Sawgrass Mills Mall and Amerant Bank Arena, offering ample opportunities for shopping, dining, and entertainment.
Financial and Brokerage Support
Wells Fargo facilitated the acquisition by providing the necessary financing. The transaction was supported by CBRE, with Robert Given and Zachary Sackley representing the seller, and Charles Crapse and Denny St. Romain sourcing the acquisition loan. FCP highlighted its ability to execute such deals in the current market, emphasizing its strong partnerships and readiness to deploy further capital.
About the Companies Involved
FCP is a real estate investment firm with a history of investing in over $13.1 billion in assets since its inception in 1999. 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. The RMR Group is a leading alternative asset management company specializing in commercial real estate, managing over $40 billion in assets and leveraging extensive institutional experience. RMR Residential, part of The RMR Group, manages a multifamily portfolio of approximately 20,000 units across the U.S. Sunbelt, operating under the renter-facing brand ARIUM.