PALM BEACH, FL – FCP announces the $85.5 million acquisition of three apartment communities in Palm Beach County, Florida totaling 683 apartment units. The communities are: Costa del Lago, a 218-unit apartment community in Lake Worth, FL, Coronado Springs, a 314-unit apartment community in Palm Springs, FL, and Sedona Village, a 151-unit apartment community in Palm Springs, FL.

The acquisition of the three communities marks FCP’s largest investment in Florida to date and its 11th investment in the state since 2016. 

“All three properties are located in a high-growth submarket of Palm Beach County with brilliant access to employment centers and retail amenities in Boca Raton and downtown West Palm Beach,” said FCP Vice President, Bruce Gago. “The communities provide renters in the area with quality, affordable housing options—and they represent fantastic additions to our growing portfolio of multifamily properties in Florida.”

“FCP was attracted to the investment because of the strong in-place cash flows, high population growth and employment growth in Palm Beach County, and strategic locations of the properties,” said Gago. 

Pinnacle will manage the properties for FCP. Pinnacle currently manages over 2,500 units for FCP throughout Florida. FCP assumed an existing Fannie Mae loan as part of the transaction.

Vice Chairman Hampton Beebe and Avery Klann, Executive Managing Director Tal Frydman, and Directors Jonathan Senn and Tyler Minix of Newmark Knight Frank Multifamily (NKF) exclusively represented the owner in the sale of the portfolio to FCP.  Fernando Riboli of NKF Capital Markets is also actively engaged to secure financing on behalf of FCP for two of the three properties bought.

“The Palm Beach portfolio was an brilliant opportunity to achieve immediate scale in South Florida’s hyper-competitive multifamily market. We are very excited for the entire FCP team,” said Beebe.

FCP has invested in both development and acquisitions of multifamily and commercial throughout Orlando, Tampa, Jacksonville and South Florida. FCP’s investments have been made through direct acquisitions, joint venture partnerships, and preferred equity / mezzanine investments.

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IRVING, TX  – JPI announced the close of construction financing on its newest 353-home community, Jefferson Gallery House. The community is strategically located in Farmers Branch, one of the fastest-growing suburbs in the Dallas-Fort Worth metroplex, and it will help meet the growing housing need facing this vibrant and expanding city.

“The North Dallas submarket offers residents a unique live-work-play environment,” said Miller Sylvan, senior vice president and area development partner for JPI’s Central Region. “This unique living environment, paired with the city’s strong job growth and substantial employment centers, makes for the perfect location for future JPI communities. We are very bullish on the Farmers Branch submarket, as Jefferson Gallery House will mark the start of JPI’s fourth community within the area.”

Jefferson East Branch, which is currently under construction, is the first phase of this multi-phase community. Upon completion of Jefferson Gallery House, the two communities will provide a total of 750 homes and ensure residents of Farmers Branch have the highest-quality living accessible.

Jefferson Gallery House will be less than two miles from well-known Addison Circle, which encompasses over 500,000 square feet of office space and 120,000 square feet of retail space. The area is anchored by Addison Circle Park, a 10-acre city escape that serves as a community park and event center for activities throughout the year. Jefferson Gallery House is also less than a mile from Galleria Dallas, one of the largest mixed-use retail facilities in North Texas. The mall consists of three levels of shopping and dining and covers over 43 acres.

“We’re proud of the hard work that has gone into making Jefferson Gallery House a reality,” said Brad Taylor, chief executive officer at JPI. “This incredible design team has come together again to make an industry-leading luxury apartment community we know future residents will be proud to call home.”

This community will feature urban-style amenities and quality interior finishes. On the property, residents can utilize the state-of-the-art fitness center and yoga studio, resort-style pool, and the rooftop dog park that includes a large “off-leash” area with a multi-station indoor dog wash.

Each apartment home at Jefferson Gallery House will include unrivaled amenities such as: Stainless appliance package,Quartz countertops, Urban 10-foot ceilings. Balconies and patios with private ground-floor yards, Glass-enclosed showers, and Full-size washers and dryers.

WDG Architecture led the architectural design for both Jefferson East Branch and Jefferson Gallery House. Synovus Bank provided the construction loan for Jefferson Gallery House, while Clarion Partners partnered with JPI to provide the equity.

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HOUSTON, TX – American Landmark Apartments, one of the fastest-growing multifamily owner-operators in the country, has bought the 234-unit Newport on the Lake and 250-unit Harbor View Apartments in Houston. The properties will undergo a combined $5.9 million capital improvements program and be renamed Lakefront Villas and The JaXon, respectively.

The acquisitions raise American Landmark’s portfolio of properties in Texas to 38, with 14 properties in Houston. The company currently owns and manages approximately 31,000 apartments throughout the Southeast and Texas, and continues to approach its goal of adding $2 billion in assets to its multifamily portfolio this year.

“Houston continues to offer long-term opportunities as in-migration maintains strong demand throughout the MSA, naturally elevating asking rents in the process,” said Christine DeFilippis, Chief Investment Officer of American Landmark. “With a steady increase in population, housing will remain a priority for residents settling in, with current online stock providing immediate options as developers seek to bring units to market as quickly as possible.”

Built in 2008, Newport on the Lake is located at 1895 Barker Cypress Road. One-, two- and three-bedroom units include granite countertops, kitchen islands, wood-style flooring and walk-in closets. Community amenities include resort-style pool with heated spa, outdoor fire pit, poolside gas grill and resident clubhouse with Wi-Fi.

Built in 2010, Harbor View is situated at 4855 Magnolia Cove Drive in the Houston suburb of Kingwood. One-, two- and three-bedroom units offer granite countertops, disposal, crown molding, walk-in closets and washer/dryer. Community amenities include package service, a fitness center, game room, walking/biking trails, courtyard and business center.

American Landmark Apartments/Electra America is one of the fastest-growing multifamily owner-operators in the United States with a current portfolio consists of approximately 31,000 units in Florida, Georgia, North Carolina, South Carolina and Texas. 

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