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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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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PHOENIX, AZ – Watermark Residential, a wholly owned affiliate of Thompson Thrift and one of the nation’s leading multifamily developers, announced the acquisition of 10 acres of land in the Phoenix suburb of Gilbert, Ariz. The company will develop The Wyatt by Watermark, a $43 million Class A garden-style multifamily community on the land with an expected completion date of late 2021.
Located at 1205 South Gilbert Road, the site conveniently sits at the core of thriving downtown Gilbert, within walking distance to numerous high-end retail shops and restaurants and only a small drive to the entertainment and dining options available at Gilbert Heritage District and San Tan Village.
“According to data from the National Multifamily Housing Council, the greater Phoenix area needs 11,000 new apartments per year to meet demand,” said Josh Purvis, managing partner of Watermark Residential. “Watermark Residential looks forward to helping fill the need for quality housing options with one of our innovative and aesthetically pleasing apartment communities.”
The Wyatt by Watermark will consist of 216 one-, two- and three-bedroom apartment homes averaging 978 square feet. The apartment homes will feature upgraded finishes including gourmet bar-kitchens with granite countertops, stainless steel appliance packages, walk-in closets and full-size washers and dryers. Community amenities will include a clubhouse, 24-hour fitness center with state-of-the-art equipment, a resort-quality swimming pool with cabana and pet-friendly “bark park” and doggie spa.
Residents will delight in simple access to the 202 loop with the ability to reach all four of Gilbert’s major employment centers within 20 minutes. Additionally, the site is located within the Gilbert Public School District, the 4th Best School District in America, according to the National Council for Home Safety and Security.
Gilbert has experienced a population increase of 20 percent during the past decade and growth is expected to continue at double the national average over the next five years. In addition, the Phoenix suburb has been recognized for many awards recently including:

3rd Most Livable City in the U.S., according to SmartAsset
6th Safest City in the U.S., according to WalletHub
Arizona’s Fastest Growing City, according to WalletHub

The Wyatt by Watermark is the third of six to be funded by the Watermark 3G Development Fund II, which closed in late 2019. In addition, it will be the second multifamily community for Watermark in Gilbert, who also owns the 250-unit Watermark at Gateway Place.

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