FCP℠ announces the $25.3 million acquisition of Park at Sorrento, a 208-unit apartment community in the Orlando, FL submarket of Kissimmee. The acquisition of Park at Sorrento, soon to be rebranded Mirador at Woodside, marks FCP’s 12th Florida investment, including previous multifamily, commercial and mezzanine investments in Orlando, Tampa, Jacksonville and Southeast Florida.
“Park at Sorrento is a well-located workforce housing community in the Orlando metro, one of the highest growth markets in the country,’ said FCP Associate, Drew Schwartz. “Residents of this community live within 30 minutes of eight of the top 10 employers in the area.”
Kissimmee, Florida is one of the most popular and convenient residential areas in the Orlando metropolitan area, where major employers include Walt Disney World, Universal Orlando, Seaworld, Darden Restaurants, Westgate Resorts and Lockheed Martin. The community features convenient access to four major hospitals, the 500-acre “NeoCity” technology district and an abundance of retail and entertainment amenities.
FCP extends its appreciation to Shelton Granade, Luke Wickham, Justin Basquill and the CBRE Florida Multifamily Group for their representation of the seller and to Brendan Coleman, Connor Locke, and Skye Stansbury of Walker & Dunlop for facilitating the assumption of the existing Fannie Mae mortgage.
FCP℠ is a privately held real estate investment company that has invested in or financed more than $6 billion in assets since its founding in 1999. FCP invests directly and with operating partners in commercial and residential assets. The firm makes equity and mezzanine investments in income-producing and development properties. Based in Chevy Chase, MD, FCP invests both its commingled, discretionary funds and separate accounts targeted at major real estate markets in the United States. For further information on FCP, please visit www.fcpdc.com.