CHEVY CHASE, MD – FCP announces the $71.5 million acquisition of Tides at South Tempe, a 442-unit apartment community in Tempe, Arizona through a joint venture with Tides Equities. The acquisition marks FCP’s first investment in Arizona as the company continues to expand its national footprint.
“FCP has been seeking the right opportunity to invest in the Phoenix area and Tides at South Tempe provided us with an opportunity to invest with an established partner in this market,” said FCP Vice President for Acquisitions concentrating on FCP’s Western U.S. investments, Bart Hurlbut. Mr. Hurlbut continued, “We are excited to have a presence in this very strong market and are actively looking to buy here as well as provide joint venture equity, preferred equity and mezzanine debt for acquisitions, recapitalizations of existing partnerships and development.”
FCP and Tides Equities will continue in-unit renovations that have been underway.
“Tides at South Tempe provides an brilliant opportunity for partnership between Tides Equities and FCP, acquiring immediate scale in a strong submarket with a proven value-add strategy,” said Ryan Andrade, Co-Founder and Principal of Tides Equities. “The asset has received extensive exterior and deferred maintenance improvements over the past 18 months, and is now primed to capture significant upside via the continuation of the interior unit renovation plot and the strong fundamentals of the market and submarket.”
Tides at South Tempe is located close to Superstition Freeway and Interstate 10, proximate to major job centers, downtown Tempe, downtown Phoenix and the Phoenix Sky Harbor International Airport. Residents delight in convenient access to shopping, restaurants and entertainment areas. The community features studio, one and two-bedroom units with luxury touches including hardwood flooring, quartz countertops, stainless steel appliances and balconies or patios.

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MARIETTA, GA – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought 880 Lakeside Apartments, a 222-unit apartment community located in the heart of Marietta, Georgia. The community will be renamed The Bentley at Marietta and will undergo a $2.4 million capital improvements project.
With this acquisition, American Landmark now owns and operates eight multifamily communities in Georgia with a total of 2,500 units.
“Marietta benefits from close proximity to Atlanta, and has seen strong job and population growth over the past several years in part due to the large number of Fortune 500 company headquarters and aerospace/manufacturing businesses in the county, said Christine DeFilippis, chief investment officer at American Landmark. “We re excited to plant a flag in the thriving community of Marietta and add this property to our growing multifamily portfolio in the Southeast.”
According to RentCafé, the average rent for an apartment in Marietta is $1,235, a 6 percent increase over last year rates – and well above the national average.
American Landmark plans to upgrade a variety of features throughout the property in a comprehensive value-add program. Unit upgrades include granite countertops, new cabinets, backsplash, stainless steel appliances, nickel-brushed plumbing fixtures, luxury lighting fixtures, USB outlets and electronic locks. For the site, improvements include a grilling table, dog park and renovated fitness center/clubhouse, swimming pool and landscaping.
Built in 1985, 880 Lakeside Apartments is located at 880 South Cobb Drive. One- and two-bedroom units include open floor plans, fully-equipped kitchen, expansive walk-in closets and full size washer and dryer. Community amenities include a resort-style swimming pool, outdoor grilling area, expansive sundeck, fitness center and access to private lake.

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DORAL, FL – LMC, a wholly owned subsidiary of Lennar Corporation and a leader in apartment development and management, announced the start of leasing at Palmera, a midrise apartment community in the northern part of the Miami suburb of Doral.
The luxury community, which consists of 440 apartment homes and meets green building standards, features a unique blend of sleek floor plans, upscale amenities and proximity to Doral’s extensive array of retail, dining and entertainment options. Palmera is offering virtual leasing options for future residents who prefer to explore the community from afar.
“As part of the greater Miami market, Doral offers a small bit of everything,” said Chris Cassidy, division president of the Southeast and Mid-Atlantic regions for LMC. “We’re excited to join the market and look forward to offering a refined living experience that we believe will set the standard for best-in-class apartment living in the area.”
Located at 8400 NW 102nd Avenue, Palmera boasts a prime location that positions residents to take advantage of the wide-ranging attractions throughout Miami-Dade County and beyond. The community is situated approximately four miles from Downtown Doral, 10 miles from Miami International Airport and 15 miles northwest of Downtown Miami.
Residents have access to the nearby Miami Trolley, a free service that connects to many of the city’s key locales. They are also are within a small drive of Ronald Reagan Turnpike, Dolphin Expressway and additional gateways to the vast employment sectors of Miami Dade and Broward counties. Doral is also home to an extensive public parks system and a wide variety of lakes.
Palmera offers one-, two- and three-bedroom apartment homes and a select supply of smart-home equipped homes. Apartment interiors are delivered with shaker cabinets, kitchen islands, stainless steel appliances, quartz countertops, ceramic tile flooring, pendant lighting, in-home washers and dryers, walk-in closets, oversized tubs and walk-in showers. Select homes include designer wine chillers.
The community also provides a deluxe suite of amenities, including a 2,300-square-foot elevated work lounge with coworking spaces and rentable offices. Additional amenities include a resort-inspired swimming pool with day beds and umbrellas, summer pavilion with multiple grilling stations, elevated sun deck and four courtyards offering distinctive themes, including adult gaming, adult dining, garden and playground.
Palmera also features two dog parks, Bocce courts, demonstration kitchen, billiards, cyber café and a full-size fitness center with yoga room, fitness on demand and motivational wall. Residents will have access to additional storage units, two bike storage rooms and digital package lockers.
Palmera will soon be joined in Doral by fellow LMC development Vesada, which is scheduled to open later in 2020.

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