FCP Acquires 574-Unit Multifamily Community in Charlotte for $60.8M

Reserve at Providence in Charlotte, N.C., features a clubhouse, playground, dog park, picnic area, multi-sport court and three swimming pools. (Photo courtesy of Cushman & Wakefield)

CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired The Reserve at Providence, a 574-unit apartment community in Charlotte. The Charlotte Observer reports the Maryland-based firm acquired the property for $60.8 million. Marc Robinson of Cushman & Wakefield represented the undisclosed seller in the transaction, while Michael Ryan of Cushman & Wakefield provided debt advisory services to FCP. The Reserve at Providence includes a mix of one- to four-bedroom floor plans and features a clubhouse, playground, dog park, picnic area with grills, multi-sport court and three swimming pools. FCP plans to build a new clubhouse and convert the current facility into a fitness and amenity center. The company will invest in additional improvements to the buildings and amenity areas.

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