FCP℠ announces the $18.0 million acquisition of Somerset Apartments, a 240-unit garden apartment community on Ventura Way in Charlotte, NC. The workforce housing community is located adjacent to FCP’s Hunters Pointe property, providing operational efficiencies in a submarket where the company’s approach to repositioning and renovating communities has been well received by residents. The acquisition was achieved through a $10.3 million loan assumption with Fannie Mae.
“Somerset Apartments adds to FCP’s portfolio of workforce housing communities, providing residents with one of the most affordable options in the Charlotte region,” said FCP Vice President, Alex Cathcart. Pinnacle Management, who also operates the neighboring Hunters Point community, has been retained to manage Somerset.
Somerset Apartments feature studio, one-, two- and three-bedroom apartments in a quiet setting with mature trees and landscaping. Amenities include a clubhouse, swimming pool and grilling area, a sports court and immediate access to public transportation and the LYNX Light Rail Blue Line extension.
FCP extends its appreciation to Brooks Colquitt and the Cushman & Wakefield Southeast Multifamily Advisory Group for representing the seller.
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.