FCP Expands Its Footprint with District West Gables Apartment Purchase in West Miami

FCP Expands Its Portfolio in South Florida

FCP® has recently announced its acquisition of District West Gables, a midrise apartment community consisting of 427 units located in West Miami, Florida. This important investment marks FCP’s third transaction in the vibrant South Florida market over the past nine months, signaling the firm's strong commitment and strategic focus in one of the country’s dynamic rental markets.

Bruce Gago, Senior Vice President of FCP and head of the company's Florida investments, emphasized the significance of this acquisition. He stated, "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." Despite facing challenges in the capital markets, FCP is actively deploying investments in regions where sustainable demand is expected due to favorable long-term market fundamentals. Miami-Dade, particularly West Miami, is viewed as having exceptional demographic growth and employment opportunities that align with FCP's strategic investment framework.

Value Enhancement Initiatives

FCP plans to implement a comprehensive value-enhancement program at District West Gables that will focus on modernizing common areas and amenities while also renovating unit interiors. To support operational efficiency and improve leasing performance, FCP has engaged Greystar as the property management team. They will oversee maintaining high standards of service for current and future residents.

District West Gables is strategically located within proximity to key employment hubs in Miami. Residents will enjoy easy access to prestigious institutions such as the University of Miami and Florida International University, as well as Miami International Airport and the bustling business areas of Brickell and Downtown Miami. The community has been developed in two phases, completed in 2015 and 2017, and features a diverse array of residential options including studios, one, two, and three-bedroom units set within mid-rise structures equipped with structured parking facilities.

Amenities and Community Features

The apartment community boasts a plethora of amenities designed to enhance the quality of life for its residents. These include two resort-style swimming pools, dual fitness centers for workout enthusiasts, EV charging stations to cater to environmentally conscious residents, a movie theater for entertainment, and stylish cabana-lined sun decks alongside expansive resident lounges. Such features not only provide a luxurious living experience but also foster a tightly-knit community atmosphere.

This acquisition further affirms FCP's expertise in identifying high-potential assets that can withstand market volatility. As the firm continues to establish its presence in Florida, it remains actively on the lookout for new investment opportunities that span various risk profiles.

FCP would like to extend its gratitude to Hampton Beebe of Newmark for representing the seller during this transaction, as well as to Matt Williams, Daniel Matz, and Rob Wright, also of Newmark, for their assistance in securing financing for this acquisition.

About FCP

FCP is a privately held real estate investment firm that has significantly contributed to the market since its establishment in 1999, having invested in or financed over $14.6 billion in gross asset value. The company specializes in both commercial and residential real estate assets, undertaking direct investments as well as partnerships with experienced operators. With its headquarters in Chevy Chase, Maryland, FCP leverages its discretionary funds and separate accounts aimed at major real estate markets throughout the United States. For further insights into FCP’s operations and investment strategies, visit fcpdc.com.