FCP Acquires Multifamily Portfolio in South Florida for $85.5M

LAKE WORTH AND PALM SPRINGS, FLA. — FCP has acquired three multifamily properties in South Florida for $85.5 million. The portfolio includes Costa del Lago, a 218-unit community in Lake Worth. The asset offers one- through three-bedroom floor plans. Communal amenities include a dog park, swimming pool, picnic area and a private lake. The second asset in the portfolio is Coronado Springs, a 314-unit complex in Palm Springs, offering one- and two-bedroom floor plans. Community amenities include a swimming pool, spa, fitness center, picnic area and a pet play area. The final property, Sedona Village, is a 151-unit community also located in Palm Springs. The community features one- and two-bedroom floor plans along with amenities such as a swimming pool, clubhouse, pet play area, fitness center, business center and a playground. Pinnacle will manage all three properties. Hampton Beebe, Avery Klann, Tal Frydman, Jonathan Senn and Tyler Minix of Newmark Knight Frank (NKF) represented FCP in the transaction. The seller was not disclosed. Fernando Riboli of NKF originated Fannie Mae acquisition financing for two of three properties on behalf of the buyer.