SPI Advisory and FCP Successfully Acquire Crest Manor Apartments in Lewisville, Texas
The Acquisition of Crest Manor Apartments: A Strategic Move by SPI Advisory and FCP
In a significant development for the multifamily real estate scene in Lewisville, Texas, SPI Advisory and FCP have announced the successful acquisition of Crest Manor Apartments. Spanning 600 units, this premier multifamily community promises a blend of comfort and luxury. This off-market deal marks a significant achievement for SPI, as it culminates more than five years of negotiations with the original developer and seller of the property.
Crest Manor Apartments was delivered in two high-quality phases, completed in 2010 and 2016 respectively. Designed with a commitment to tenant satisfaction, the community boasts a range of amenities that cater to a modern lifestyle. Residents can enjoy not one, but two resort-style swimming pools, a spacious clubhouse, a state-of-the-art fitness center, and tennis courts. Furthermore, with well-maintained walking and jogging trails, there is ample opportunity for outdoor relaxation and activity. The units themselves come in various configurations of one, two, and three bedrooms, with an average size of 933 square feet, effectively catering to diverse living needs.
Sean Mabarak, Principal and Co-Founder at SPI Advisory, conveyed the significance of this acquisition. He remarked, "From the moment we first toured Crest Manor, it was clear this wasn't a typical construction. No expense was spared during development, and every detail—materials, design, amenities—was crafted to enhance the resident experience. This ultimately translates into a lower capital expenditure profile for us as we move forward."
The structure of this acquisition leveraged long-term HUD financing, featuring an attractive blended interest rate of 3.6% with a duration of over 30 years left on the term. This advantageous debt arrangement, in tandem with the outstanding physical condition of the property, positions SPI beautifully for strong long-term performance.
Both SPI and FCP have ambitious plans for Crest Manor. The joint venture intends to introduce strategic enhancements to the amenity offerings and selectively modernize unit interiors. The aim is to elevate the property while ensuring it retains its cherished community character and appeal amidst evolving market expectations.
Michael Becker, representing the investment team, further echoed the sentiment regarding the rarity of this asset, stating, "This was a unique, generational asset that we've pursued for years. The endeavor to navigate through a challenging capital market environment and the protracted escrow process has been worth it. We are truly excited to bring Crest Manor into the SPI portfolio and continue its tradition as one of Lewisville's premier apartment communities."
About SPI Advisory
SPI Advisory is a Texas-based private equity firm specializing in multifamily investments. Since its inception in 2014, the firm has made significant strides in transforming investment strategies for high-net-worth individuals seeking to engage in high-yield, tax-efficient multifamily real estate acquisitions within Texas. Their approach combines advisory services with opportunities for passive investment in high-quality assets, expanding access to a diverse client base eager to enter this lucrative market.
About FCP
FCP is a private real estate investment company founded in 1999. Since its inception, the company has financed or invested in assets totaling over $14.6 billion. With a focus on both commercial and residential properties, FCP blends equity investments alongside structured investments to optimize returns. The company actively engages in both commingled discretionary funds and tailored separate accounts directed at leading real estate markets across the United States.
This acquisition not only reinforces SPI Advisory and FCP's strategies for growth but also significantly enhances the living experience for residents in Lewisville, Texas, setting a new standard for multifamily housing in the region. As the deal unfolds, tenants and investors alike are keen to observe the ensuing developments at Crest Manor Apartments.