FCP℠ and High Real Estate Group (HREG) announce the sale of Plantation Oaks, a 264-unit apartment community in Charleston, SC, to New York-based White Eagle Property Group for $36.1 million. FCP recapitalized Plantation Oaks in July 2015, becoming partners with High Real Estate Group in Plantation Oaks and a Charlotte, NC property, York Ridge, which was sold in May 2019, also to White Eagle Property Group.
“FCP and HREG performed extensive renovations to the asset, greatly enhancing the curb appeal and resident experience for this well-located property in the growing West Ashley market,” said FCP Vice President, Alex Cathcart. “We were very pleased with our partnership with High in both this and the York Ridge deals.”
“In the 20 years that High has owned and managed Plantation Oaks, the dedication of the team and its focus on outstanding customer service is what has set this property apart from its competition,” said Senior Vice President & Managing Director for High Associates, Brad Mowbray. “FCP is a great partner, and we’ve been delighted to work with them on another successful deal.”
“White Eagle is excited to enter the Charleston market with the acquisition of Plantation Oaks,” said White Eagle Property Group Chairman and CEO, Jeff Weiskopf.
“Charleston has been experiencing phenomenal population growth, with a steady unemployment rate at 2.5%, while the job market continues to expand,” added White Eagle Property Group Chief Operating Officer, Abe Spitz. “We plan on implementing a strategic capital plan with a focus on creating additional amenities and upgrading apartment interiors that will provide an amazing living experience for our residents.”
FCP and High extend their appreciation to Alex Okulski and Anthony Rotunda of Newmark Knight Frank for their representation of the sellers in the sale.
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.
About High Real Estate Group LLC
High Real Estate Group provides expertise in development, brokerage, architecture, construction, and investments and holds real estate assets with an estimated market value of approximately $1 billion. It also offers a full complement of real estate services including asset and property management, appraisal services, grounds and property maintenance, strategic planning, and consulting through its affiliate High Associates Ltd. The company manages nearly 9 million square feet of office, industrial, multi-family, hotel, and retail properties throughout the eastern United States. High Real Estate Group is family-owned, and based in Greenfield Corporate Center, East Lampeter Township, Lancaster, Pa. More information is available at www.highrealestategroup.com.