FCP, in partnership with BMC Investments and The RMR Group, has acquired ARIUM Sunrise, a 400-unit apartment community in Sunrise, Florida, for $90 million. This strategic purchase marks a significant expansion for FCP in the rapidly growing South Florida market, particularly within Broward County.
Key Takeaways
- FCP JV acquires ARIUM Sunrise, a 400-unit community in Sunrise, Florida.
- The transaction was valued at $90 million, or $225,000 per unit.
- Wells Fargo provided a $74 million loan for the acquisition.
- The property, built in 1998, is 94 percent occupied and will undergo upgrades to a portion of its units.
- This acquisition continues FCP’s aggressive investment strategy in Florida’s multifamily sector.
Strategic Acquisition in Broward County
FCP, a prominent real estate investment company, has bolstered its Florida portfolio with the acquisition of ARIUM Sunrise. The 22-acre property, featuring 16 two- and three-story buildings, was purchased at a price of $225,000 per unit. The transaction was financed with a $74 million loan from Wells Fargo.
ARIUM Sunrise, located at 1501 NW 124th Terrace, boasts a high occupancy rate of 94 percent. The community offers a mix of one-, two-, and three-bedroom floorplans, with an average home size of 1,100 square feet. FCP and its partners intend to renovate approximately 8 percent of the units that are still in their original condition.
Community Features and Location
The apartment community is well-appointed with a range of amenities designed to enhance resident living. These include a fitness center, two swimming pools, a clubhouse, a media room, a playground, and sports facilities such as a basketball court and a tennis/pickleball court. All units come equipped with washers and dryers, and controlled access provides security. Detached garages are available for an additional fee.
Strategically situated near popular attractions like Sawgrass Mills Mall and Amerant Bank Arena, ARIUM Sunrise offers residents convenient access to extensive shopping, dining, and entertainment options.
FCP’s Continued Florida Expansion
This acquisition underscores FCP’s commitment to expanding its presence in Florida, a state the company views as one of the fastest-growing regions in the country. FCP plans to continue identifying and acquiring well-positioned assets in Broward County and beyond. Recent investments in the region include the purchase of Alexan Miramar Apartments and Avana Cypress Creek Apartments.
FCP has a history of successful collaborations with BMC Investments, including joint venture recapitalizations of multifamily communities in Colorado. The company’s extensive investment history, spanning over two decades, includes a diverse portfolio of residential and commercial assets.
Sources
- FCP JV Acquires in South Florida, Multifamily Housing News.