FCP® announces the sale of Gates at Summerville Apartments in Charleston, SC to an undisclosed buyer for $35 million. The 232-unit apartment community was acquired by FCP in October 2017 for $16.37 million.
“FCP is pleased with the execution of our business plan, stabilizing and enhancing the property after renovating the clubhouse, rebuilding the swimming pool and curing property-wide deferred maintenance issues,” said FCP’s Lollie Corrigan Loflin.
Gates at Summerville features predominantly two- and three-bedroom, family-friendly units in the #1 ranked school district in the Charleston area. The community is close to numerous major employers and lifestyle amenities.
FCP extends its appreciation to Tai Cohen, Tyler Fish and John Phoenix of Cushman & Wakefield Sunbelt Multifamily Advisory Group for their representation.
FCP® is a privately held real estate investment company that has invested in or financed more than $9.3 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.