MIAMI, FL – FCP bought District West Gables, a 427-unit midrise apartment community in West Miami, FL. The acquisition marks FCP’s third investment in South Florida within the past nine months, underscoring the firm’s continued momentum and conviction in one of the nation’s most dynamic rental markets.
“Executing in today’s environment requires conviction and capital, and FCP is proud to continue expanding in South Florida with a high-quality core-plus asset in Miami-Dade,” said Bruce Gago, Senior Vice President at FCP and head of the company’s Florida investments. “Despite a challenging capital markets environment, we continue to deploy capital into markets where we see long-term fundamentals driving durable demand. Miami-Dade—and West Miami in particular—offers exceptional demographic and employment tailwinds that align with our investment strategy.”
FCP plans to implement a value-enhancement program focused on modernizing common areas and amenities while executing renovations on unit interiors. The company has engaged Greystar as property manager to support operational execution and leasing performance.
District West Gables provides residents with direct access to Miami’s key employment nodes, including the University of Miami, Florida International University, Miami International Airport, and Brickell/Downtown. The property is located less than three miles from Coral Gables’ vibrant downtown and Miracle Mile retail corridor.
Built in two phases (2015 and 2017), District West Gables comprises studio, one-, two-, and three-bedroom residences in mid-rise structures with structured parking. The community features a robust amenity package, including two resort-style pools, dual fitness centers, EV charging stations, a movie theater, cabana-lined sun decks, and expansive resident lounges.
This transaction reinforces FCP’s ability to identify and close on high-conviction assets, even amid market volatility, and further establishes the firm’s footprint in Florida—a region where it continues to actively seek new opportunities across the risk spectrum.
FCP extends its appreciation to Hampton Beebe of Newmark for his representation of the seller and to Matt Williams, Daniel Matz, and Rob Wright of Newmark for their representation of FCP in securing financing.

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ATLANTA, GA – ECI Group celebrated the groundbreaking of The Averly Richmond Hill, a $60 million, 291-unit, mixed-use development with retail acreage along Ford Avenue in Richmond Hill, GA. ECI Construction is the general contractor, with construction financing provided by Synovus and CIBC, and will deliver pad ready retail sites in Q1 2026 for tenants. ECI has been active in the Savannah Metro since 2015, having constructed one project and bought another.
Ashley Smith and Tyler Mouchet of Colliers | Savannah have been selected to market the 3.5+ acres of retail pad sites, which are available for ground lease. Behind the commercial acreage, ECI is constructing 291 residential units, composed of 243 one-, two-, and three-bedroom apartment residences along with 48 three-bedroom, two-car garage townhome residences.
“We are very excited to go forward on this mixed-use development,” said ECI Vice President of Development, Stephen Stover. “We feel strongly that continued job growth across the Savannah MSA, particularly in the industrial and logistics sectors, as well as population growth in the affluent Richmond Hill submarket, offer an exciting opportunity for retailers to locate on our site.”
“Richmond Hill is one of the most dynamic and rapidly growing submarkets in the Savannah region, and The Averly Richmond Hill presents a rare opportunity for retailers to secure high-visibility frontage along Ford Avenue,” said Tyler Mouchet, Associate Vice President at Colliers | Savannah. “With strong population growth, proximity to major employers, and exceptional access to I-95, this project is ideally positioned to attract a diverse mix of tenants to serve the surrounding community.”
The Averly Richmond Hill is located less than one mile from I-95 in the center of Richmond Hill’s growing retail and commercial district, with direct access to primary highways and area job centers. Major local employers include Hyundai, Gulfstream, Georgia Ports, and Fort Stewart. The community’s younger residents can attend Richmond Hill’s highly rated school district.

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PORTLAND, ME – WNC & Associates (WNC), a family-owned business known as both a pioneer and leader in the affordable housing industry; Avesta Housing, a regional nonprofit developer of affordable homes; and Reveler Development, the master developer on the project which specializes in constructing and redeveloping multi-family and mixed-use properties in the Maine area; have announced the start of construction on 89 Elm Apartments, a 201-unit affordable housing community in downtown Portland, Maine.
This is the fourth community for WNC in Portland, following the recent completion of nearby Riverton Park.
Located at 89 Elm Street within walking distance of restaurants, grocery stores, health services, and public transit, 89 Elm Apartments will provide a critical infusion of high-quality, income-restricted housing in one of the state s most in-demand rental markets. The community will target households earning up to 60% of the Area Median Income (AMI).
With virtually no vacancies and extensive waiting lists at comparable properties, the need for affordable housing in Portland is clear, said Anil Advani, Executive Vice President of Originations and Finance at WNC. 89 Elm represents a transformative opportunity to bring thoughtfully designed, energy-efficient homes to the heart of the city. We re proud to partner with Avesta Housing and Reveler Development to make this vision a reality.
The community will feature a mix of 39 studios, 141 one-bedroom apartments, and 21 two-bedroom apartments, all located within a six- to eight-tale elevator-served building. Each residence will include modern finishes and energy-efficient appliances such as a refrigerator, dishwasher, electric range, and window or wall air conditioning. Other features include composite plank flooring, window blinds, and secure storage options.
Beyond individual units, 89 Elm is designed to foster connection and enhance residents daily lives. The community will feature a community room, kitchenette, and social services office, as well as a fitness center and inviting common patio and lounge spaces. Residents will also have access to bike storage and lockers, on-site management, laundry facilities, and common area Wi-Fi. To promote security and peace of mind, the property will include controlled-access entry and security cameras throughout.
This is an exciting project for Reveler Development – our vision for this master-plotted site has always included a diversity of housing options, said John Laliberte of Reveler Development. Our partnership with Avesta is a fantastic model for addressing the housing shortage in this challenging environment. We look forward to welcoming these new residents to Bayside.
89 Elm is being financed through a combination of public and private sources, including $35.5 million in equity from WNC through the Low-Income Housing Tax Credit (LIHTC) program. In addition to the 4% LIHTC equity, the project will be financed with tax-exempt bond proceeds. MaineHousing will provide a $54 million construction loan, which will be paid down to a permanent loan of $21.73 million. During construction, a soft loan from MaineHousing totaling $23.72 million will also be funded. Additional financing includes a $2.14 million Brownfield Revolving Loan Fund (RLF) loan and a $1.04 million loan to the partnership from Avesta Development comprised of Efficiency Maine funds. The total development cost is estimated at $87.8 million. Construction is expected to be completed in 2027.

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